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1600 Hunt Club St. - Fort Walton Beach, FL 32547
PROPERTY OVERVIEW
Heather Glenn is a 168-unit affordable housing community located in Fort Walton Beach, FL. The property enjoys a convenient location just minutes from Hulburt Field AFB and Destin-Fort Walton Beach Airport. Residents are located within minutes of prominent retailers such as T.J. Maxx, Target, and a Walmart Supercenter. Additionally, the community benefits from its proximity to a wide range of restaurants, outdoor recreational areas, schools, and major transportation routes.
The property was built and placed in service in 2004 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 60% of the Area Median Income (AMI) limits, which are provided by the Florida Housing Finance Corporation.
Heather Glenn presents a selection of one, two, three, and four bedroom apartment homes, thoughtfully designed to provide comfort and convenience. Each unit is equipped with washer/dryer connections and ceiling fans. The community boasts a range of amenities, including a sparkling pool, well-equipped fitness center, convenient laundry facility, and a dedicated grilling area.
The Maximum Allowable Rents are at a $500+ Discount to Comparable Market Rate Properties, Resulting in Very Low Turnover as Evidenced by an Occupancy Rate of 97% Over the Trailing-12 Months
Additional Rental Upside at the Asset as the 2024 Rental Limits are Projected to Increase by 2.79%
The Crestview - Fort Walton Beach - Destin MSA has seen Tremendous Income Growth, with a 50% Increase in the HUD Median Family Income Since 2018
Potential to Assume the Attractive In-Place Financing, which has a 5% Interest Rate and 35-year Amortization Schedule
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/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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Jeff Irish
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License #: DB36794
INVESTMENT ADVISORS
Jordan Skyles
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
ID License #: SP42885
Senior Managing Director
Multifamily
407.481.9920
cole.whitaker@berkadia.com
FL License #: BK3271023
Cole Whitaker
300 S. Orange Ave.
Suite 1500
Orlando, FL 32801B
ORLANDO 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
168
UNITS
2004
Built
182,232
sF
Managing Director
Multifamily
407.481.9920
david.etchison@berkadia.com
FL License #: 32801
David Etchison
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
WA License #: 22019732
Adam TomBERG