INVESTMENT HIGHLIGHTS
The LIHTC Restrictions were terminated via the qualified contract process in October 2022 and the property is currently within the three year decontrol period which will expire in October 2025
Santa Cruz County has seen strong income growth with an 11.04% increase in 2022 HUD Median Family Income and another 13.46% increase in 2023
Terrific rental upside with an increase of 5.89% in the 2023 rental limits on the LIHTC units and a projected increase of 5.78% on the HOME Units
Attractive 2-,3-, and 4-bedroom units with an average square footage of 1,124
One of the available 48 units have been converted to market and is receiving over $475 higher than the current three-bedroom average rent, illustrating the available upside that can be realized through the conversion
EXECUTIVE SUMMARY
El Destino is a 61-unit affordable housing community located in Rio Rico, AZ. The property is comprised of two, three, and four bedroom apartment homes. Each unit comes standard with a patio/balcony, covered parking, window coverings, washer & dryer connections, and a fully equipped kitchen with energy star appliances. Community amenities include an on-site leasing office, on-site maintenance, a swimming pool, a playground, a computer room, a fitness center, an on-site laundry facility, and social services.
The property was built and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The LIHTC Restrictions have been terminated via the Qualified Contract Process effective October 18, 2022. The property is currently within the 3-year decontrol period, which will expire October 17, 2025.
El Destino is located minutes from I-19 providing quick and easy access to area amenities. Tucson is approximately 55 miles north of Rio Rico and the Mexico border is 14 miles south.
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COMMUNITY AMENITIES
• On-Site Leasing Office
• On-Site Management & Maintenance
• Swimming Pool
• Playground
• Computer Room
• Fitness Center
• Laundry Facility
APARTMENT FEATURES
• Two, Three, & Four Bedroom Units
• Patio/Balcony
• Covered Parking
• Window Coverings
• Washer & Dryer Connections
• Fully Equipped Kitchen with Energy Star Appliances
THE ASSET
GALLERY
1271 W. Frontage Rd. - Rio Rico, AZ 85648
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1271 W. Frontage Rd. - Rio Rico, AZ 85648
EL DESTINO
2006
BUILT
68,576
SQ FT
61
UNITS
The Opportunity
The Asset
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JANE DOE
Associate Director
Multifamily Housing
901.425.1829
first.last@berkadia.com
JANE DOE
Associate Director
Multifamily Housing
901.425.1829
first.last@berkadia.com
MORTGAGE BANKING
BOISE OFFICE
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/.
JORDAN SKYLES
Affordable Housing
Director of Operations
208.631.4981
jordan.skyles@berkadia.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
RIC HOLWAY
Senior Managing Director
Multifamily
602.912.1633
ric.holway@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/.
• Two, Three, & Four Bedroom Units
• Patio/Balcony
• Covered Parking
• Window Coverings
• Washer & Dryer Connections
• Fully Equipped Kitchen with Energy Star Appliances
PHOENIX OFFICE
2525 East Camelback Rd.
Suite 1150
Phoenix, AZ 85016
BOISE OFFICE
2525 East Camelback Rd.
Suite 1150
Phoenix, AZ 85016