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4150 George Busbee Pkwy. - Kennesaw, GA 30144
PROPERTY OVERVIEW
Highland Court Senior Residences is a 122-unit mixed-income housing community situated on Wooten Lake in Kennesaw, G. Approximately 26 miles north of downtown Atlanta, the property is located near Kennesaw State University and Town Center Mall. Major transportation arteries, healthcare, North Cobb Senior Center, and dining are all nearby as well.
The property was built and placed in service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires at least 96 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 Georgia Housing and Finance Authority. The remaining units are unrestricted. The LIHTC Restrictions are set to expire at the end of 2033.
Highland Court Senior Residences offers one and two bedroom apartment homes featuring heating & air conditioning, fully equipped kitchens with disposal and dishwasher, washer/dryer connections, fireplace, ceiling fans, and high speed internet access. Community amenities include controlled building access, fitness center, on-site maintenance, elevator, business center, community room, media center, gameroom, courtyard, library, and gardening areas.
Incredible rental upside as the property is currently operating at a $250 discount on the affordable units to the max net allowable rents while comparable market rate assets support rents $500+ higher than in-place
The LIHTC Restrictions will expire at the end of 2033, allowing for significant upside through a conversion to market at that time
The property is located in Kennesaw, approximately 26 miles north of Atlanta and close to area amenities including healthcare, retail, and major transportation arteries
Kennesaw has been a high rental growth market, with average rental rates increasing by 29% over the last 48-months per Yardi
Kennesaw State University is located within the city and has an enrollment of 45,152 and 3,000 staff members
The gross rental limits at the property are projected to increase by 3.47% in 2024, further increasing the rental upside at the asset
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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/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
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Jeff IRish
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208.296.2076
jeff.irish@berkadia.com
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JORDAN SKYLES
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
3550 Lenoz Rd.
Suite 2600
Atlanta, GA 30326
atlanta OFFICE
PROPERTY Stats
99%
Occupancy
122
UNITS
2003
Built
101,060
sF
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
INVESTMENT ADVISORS
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