INVESTMENT HIGHLIGHTS
Extremely Attractive HUD Financing Loan Assumption Opportunity with a 4.2% Interest Rate
Approximately $700k of reserves Will Transfer with the Sale
Well Performing LIHTC Property with a Vacancy Rate Below 2.5% Over the Trailing-12 Months
The Fairbanks North Star Borough has Been Experiencing Fantastic Rent Growth as Evidenced by the Average 20.20% Increase Across One, Two, & Three Bedroom Units in the 2024 HUD Fair Market Rents
EXECUTIVE SUMMARY
Kellum Place is a 130-unit affordable housing community located in Fairbanks, AK. The property is minutes from major retail venues that include Bentley Mall, Costco, Safeway, and Walmart Supercenter. Dining, major transportation arteries, healthcare, and schools, including higher education, are also nearby.
The property was built and placed in service in 2009 & 2011 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 35%, 45%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Alaska Housing Finance Corporation.
Kellum Place is comprised of one, two, and three bedroom units featuring a patio/balcony, a fully equipped kitchen with energy star appliances, covered parking, and large closets. Community amenities include an on-site laundry facility, playground, on-site management, and social services.
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AMENITIES
• On-Site Laundry Facility
• Playground
• On-Site Management
• Social Services
APARTMENT FEATURES
• One, Two, and Three Bedroom Units
• Patio/Balcony
• Fully Equipped Kitchen with Energy Star Appliances
• Covered Parking
• Large Closets
THE ASSET
GALLERY
1301 Kellum St. - Fairbanks, AK 99701
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1301 Kellum St. - Fairbanks, AK 99701
KELLUM PLACE
2009 & 2011
BUILT
117,150
SQ FT
130
UNITS
The Opportunity
The Asset
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800 W. Main St.
Suite 1410
Boise, ID 83702
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• On-Site Laundry Facility
• Playground
• On-Site Management
• Social Services
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/.
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/.
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MT License #89005
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
ID License #DB36794
INVESTMENT SALES
KELLUM PLACE
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MT License #89005
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
ID License #DB36794
INVESTMENT SALES