INVESTMENT HIGHLIGHTS
Located in Girdwood, a resort town that is home to the Alyeska Resort, the largest ski area in the state with over 1,600 skiable acres and a 300-room upscale hotel
The property has tremendous upside as either a market rate asset or conversion to condos upon the termination of the LIHTC restrictions at the end of 2031
The Anchorage Municipality has a very high income level, with the 4-Person Area Median Income at $116,300 in 2022 and an increase to $121,400 projected in 2023
The rent and income limits are projected to increase by 4.41% in 2023, creating rental upside at the asset
Easily accessible location under 40 miles from Anchorage
Tourism in Alaska is the second-largest private sector employment industry, accounting for one in eight Alaskan jobs, nearly 2 million visitors, and $2.42 billion in direct visitor spending annually
EXECUTIVE SUMMARY
Creekside at Alyeska is a 30-unit affordable housing community located in Girdwood, AK. The property is minutes from the Alyeska Resort providing an abundance of outdoor recreation. Dining, Anchorage Public Library, and Girdwood Health Clinic are all nearby as well. Anchorage is located approximately 45 minutes north along the Seward Highway and provides shopping venues with the popular big box stores.
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 all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Alaska Housing Finance Corporation. One unit is set-aside for the on-site manager and the property is beyond its initial compliance period.
Creekside at Alyeska is comprised of one and two bedroom units featuring a patio/balcony, a fully equipped kitchen with energy star appliances, covered parking, washer/dryer connections, window coverings, and large closets. Community amenities include an on-site laundry facility, playground, and on-site management.
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COMMUNITY AMENITIES
• On-Site Laundry Facility
• Playground
• On-Site Management
• Covered Parking
• One & Two Bedroom Units
APARTMENT FEATURES
• One & Two Bedroom Units
• Patio/Balcony
• Fully Equipped Kitchen with Energy Star Appliances
• Washer & Dryer Connections
• Large Closets
THE ASSET
351 Hightower Rd. - Girdwood, AK 99587
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351 Hightower Rd. - Girdwood, AK 99587
CREEKSIDE AT ALYESKA
2001
BUILT
21,848
SQ FT
30
UNITS
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6225 North Meeker Place
Suite 210
Boise, ID 83713
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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.
© 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/.
TIM COBB
Alaska Broker
Vantage Partners
509.624.4408
tim@hatleycobb.com
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
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/.
• Patio/Balcony
• Fully Equipped Kitchen with Energy Star Appliances
• Washer & Dryer Connections
• Large Closets