INVESTMENT HIGHLIGHTS
Terrific rental upside as the property is operating well below maximum allowable rents across all set-asides with very low historical turnover
The gross rental limits at the property increased by 5.89% in 2023, further increasing the rental potential of the asset
Newport is located in the heart of the Smoky Mountains providing residents with an abundance of outdoor recreation
The property has operated incredibly efficiently with a vacancy rate of below 1.25% over the trailing-12 months
The LIHTC Restrictions are set to expire at the end of 2036, allowing for a conversion to market at that time
Potential to assume the existing agency financing with an attractive 4.85% interest rate
EXECUTIVE SUMMARY
Cocke Estates Apartment Homes is an 88-unit affordable housing community located in Newport, TN. The property is conveniently located minutes from Highway 321, providing quick access to major retailers including Food City, Walmart Supercenter, and Lowe’s. Numerous restaurants, outdoor recreation, schools, and healthcare are nearby as well.
The property was built and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 50% and 60% of the Area Median Income (AMI) limits, which are provided by the Tennessee Housing Development Agency (THDA).
Cocke Estates Apartment Homes offers two and three bedroom apartment homes featuring fully equipped kitchens, washer & dryer connections, high speed internet access, and ceiling fans. Community amenities include a playground, swimming pool, clubhouse, and an on-site laundry facility.
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AMENITIES
• Playground
• On-Site Property Manager
• Swimming Pool
• On-Site Laundry Facility
• Clubhouse
APARTMENT FEATURES
• Two & Three Bedroom Units
• Washer & Dryer Connections
• High Speed Internet Access
• Ceiling Fans
• Fully Equipped Kitchens
THE ASSET
GALLERY
100 Elena Ln. - Newport, TN 37821
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100 Elena Ln. - Newport, TN 37821
2006
BUILT
77,920
SQ FT
88
UNITS
The Opportunity
The Asset
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GERMANTOWN OFFICE
2320 South Germantown Rd.
2nd Floor
Germantown, TN 38138
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• High Speed Internet Acess
• Swimming Pool
• On-Site Laundry Facility
• Fully Equipped Kitchens
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.
© 2023 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 Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
PATRICK JORDAN
Senior Director
Multifamily
901.425.1828
patrick.jordan@berkadia.com
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.
© 2023 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 Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
BOISE OFFICE
6225 North Meeker Place
Suite 210
Boise, ID 83713
GERMANTOWN OFFICE
2320 South Germantown Rd.
2nd Floor
Germantown, TN 38138
MATTHEW NAPOLEON
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com
MORTGAGE BANKERS