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800 Riverview Dr. - South Sioux City, NE 68776
PROPERTY Stats
48
UNITS
2011
Year Built
48,900
sF
PROPERTY OVERVIEW
Cherry Ridge is a 48-unit affordable housing community located in South Sioux City, NE. The property is minutes from shopping, dining, schools, and major transportation arteries.
South Sioux City is located on the Missouri River directly across from Sioux City, IA and southeast of North Sioux City, SD. The area is home to several institutions of higher education, including Briar Cliff University, Morningside College, Western Iowa Tech Community College, and St. Luke’s College of Nursing, all within a 15 minute drive from the property.
The property was built and placed in service in 2011 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 35%, 40%, 45%, 50%, and 55% of Area Median Income (AMI) limits, which are provided by the Nebraska Investment Finance Authority.
Cherry Ridge is comprised of two, three, and four bedroom units featuring a fully equipped kitchen with energy star appliances, washer & dryers in each unit, window treatments, and a patio or balcony. Community amenities include an on-site fitness center, community room, computer center, playground, basketball court, laundry facility, and on-site management and maintenance.
Located minutes from area amenities including shopping, schools, dining, and major transportation arteries Highway 20 and Interstate 29
Well performing LIHTC asset with a vacancy rate below 4.0% over the trailing-12 months
The 2024 rent and income limits are projected to increase by 7.18%, significantly increasing the rental potential of the asset
The Sioux City MSA has been a high income growth market with the HUD Median Family Income increasing from $58,900 in 2016 to $85,300 in 2023, with an additional increase to $92,500 projected in 2024
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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Vice President-Originations
503.223.0868
anne.stephenson@berkadia.com
Anne Stephenson
Managing Director
503.261.3668
fred.dockweiler@berkadia.com
Fred Dockweiler
Mortgage Banking
Managing Director
Multifamily
312.845.8572
ralph.depasquale@berkadia.com
IL License#: 471011898
Ralph DePasquale
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MT License #: 89005
MIKE TERRY
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License #: DB36794
Jeff Irish
125 South Wacker Dr.
Suite 400
Chicago, IL 60606
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