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7400 S. Miller Rd. - Buckeye, AZ 85326
PROPERTY OVERVIEW
Cholla Ranch is a 180-unit mixed-income housing community situated in the desirable location of Buckeye, AZ. Strategically positioned just minutes away from a plethora of shopping centers, dining establishments, reputable schools, and major transportation arteries, the property offers unparalleled convenience for residents.
The property was built and placed in service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 124 units to be rented to income qualifying residents earning no more than 30%, 40%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by The Arizona Department of Housing. The remaining units are unrestricted.
Cholla Ranch offers two and three bedroom apartment homes featuring a refrigerator, dishwasher, disposal, separate dining room, washer & dryer connections, window coverings, large closets, a patio/balcony, carpeted flooring, ceiling fan, and air conditioning.
Community amenities include a clubhouse, pool, spa, playground, laundry, storage space, fitness center, BBQ/picnic area, and courtyard.
Mixed-Income Multifamily Property offering an abundance of amenities for residents to enjoy, located just 35 miles from downtown Phoenix
There is tremendous upside through a conversion to market either through the natural expiration of the LIHTC Restrictions at the end of 2036 .or potentially earlier as the property is qualified contract eligible
The property has 56 unrestricted units with a demonstrated rental advantage of $450 above the average maximum rent on the affordable units
The 2024 rent and income limits at the property are projected to increase by 3.84% with additional unrealized growth of 6.42% remaining for future years due to HUD’s annual ceiling adjustment
INVESTMENT HIGHLIGHTS
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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/.
601 Union St.
Suite 3909
Seattle, WA 98101
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Brandon Grisham
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT ADVISORS
JORDAN SKYLES
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Senior Managing Director
Multifamily
602.912.1633
ric.holway@berkadia.com
Ric Holway
2425 E. Camelback Rd.
Suite 960
Phoenix AZ 85016
PHOENIX OFFICE
MORTGAGE BANKING
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
PROPERTY Stats
180
UNITS
2001
Built
202,500
sF
Senior Managing Director
Multifamily
602.912.1630
mark.forrester@berkadia.com
Mark Forrester
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/.