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1564 Herrington Rd. - Lawrenceville, GA 30043
PROPERTY Stats
98%
Occupancy
2003
Placed in Service
204,048
sF
PROPERTY OVERVIEW
Herrington Mill is a 292-unit affordable housing community located in Lawrenceville, GA. The property is conveniently located minutes from major retailers, including Kroger, Mega Mart, Walmart, and the shops at Sugarloaf Mills, which offers a variety of retail, entertainment, and restaurants. The property is also near area schools, including Georgia Gwinnett College. Lawrenceville is a suburb of Atlanta and located approximately 30 miles northeast of downtown, offering residents small town living with access to big city amenities and career opportunities.
The property was built and placed in service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which requires at least 290 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 Georgia Department of Community Affairs.
Herrington Mill offers one, two, and three bedroom apartment homes featuring walk-in closets, washer/dryer connections, air conditioning/heating, in-unit washer/dryer available, patio/balcony, storage units, and a fully equipped kitchen with dishwasher and disposal. Community amenities include on-site laundry facilities, car wash area, on-site property manager and maintenance, fitness center, clubhouse, business center, basketball court, tennis court, swimming pool, playground, and secure gated entry.
The LIHTC Restrictions are Set to Expire at the End of 2033, providing tremendous rental upside through a conversion to market at that time
The max net allowable rents at the property are at a $250+ discount to comparable market rate assets, resulting in strong historical operations and low turnover
Lawrenceville is a strong submarket in the Northeast part of the Atlanta, GA MSA with a median household income of over $66,000 within 5 miles of the property
Lawrenceville has been a high rental growth market with a 43% increase in the rental rates over the past 5 years
INVESTMENT HIGHLIGHTS
Contacts and Office Locations
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/.
6225 N. Meeker Pl.
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Boise, ID 83713
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JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
JORDAN SKYLES
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Three Alliance Center
3550 Lenox Rd., Suite 2600
Atlanta, GA 30326
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Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
292
UNITS
337,700
Senior Managing Director
Multifamily
404.445.1067
andrew.mays@berkadia.com
ANDREW MAYS
Senior Managing Director
Multifamily
404.445.1068
paul.vetter@berkadia.com
PAUL VETTER
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