INVESTMENT HIGHLIGHTS
EXECUTIVE SUMMARY
La Habra is a 48-unit housing community located in Benson, AZ. The property is located within minutes from schools, healthcare, shopping, and major transportation arteries.
The property was built and placed in service in 2008 & 2009 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The property is currently in the Qualified Contract Process with the 1-Year marketing period concluding April 25, 2024 resulting in the termination of the LIHTC LURA at that time. There will be a 3-year decontrol period following the termination of the LURA. The HOME regulatory agreement will stay in place with 4 units being restricted under that agreement.
The property offers two and three bedroom apartments and three bedroom townhomes. Each unit features a patio/balcony, a fully equipped kitchen, washer & dryer connections, central heat & air, and window coverings. Community amenities include an on-site leasing office, on-site maintenance, a computer room, a fitness center, and on-site laundry facility.
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COMMUNITY AMENITIES
• On-Site Leasing Office
• On-Site Management & Maintenance
• Playground
• Computer Room
• Fitness Center
• Laundry Facility
APARTMENT FEATURES
• Two & Three Bedroom Units
• Patio/Balcony
• Window Coverings
• Washer & Dryer Connections
• Fully Equipped Kitchen
THE ASSET
GALLERY
656 AZ-80 - Benson, AZ 85602
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656 AZ-80 - Benson, AZ 85602
LA HABRA
2008
BUILT
48,528
SQ FT
48
UNITS
The Opportunity
The Asset
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BOISE OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
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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/.
Ric holway
AZ License #SA045121000
Affordable Housing
Director of Operations
208.631.4981
ric.holway@berkadia.com
JEFF IRISH
ID License #DB36794
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
MIKE TERRY
MT License #89005
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MArk Forrester
AZ License #BR006620000
Senior Managing Director
Multifamily
602.912.1630
mark.forrester@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.
© 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/.
• Two & Three Bedroom Units
• Patio/Balcony
• Window Coverings
• Washer & Dryer Connections
• Fully Equipped Kitchen
AZ License #SA045121000
Senior Managing Director
Multifamily
602.955.1122
ric.holway@berkadia.com
Phoenix OFFICE
2425 E. Camelback Rd.
Suite 960
Phoenix, AZ
Phoenix OFFICE
2425 E. Camelback Rd.
Suite 960
Phoenix, AZ
Tremendous operational upside through the ability to convert the property to market as it will exit the Qualified Contract Process on 4/25/2024, resulting in the termination of the LIHTC LURA and the start of the 3-Year Decontrol Period.
The Cochise County HUD FMR’s increased by an average of 12% across one-, two-, and three-bedroom units from 2023 to 2024, highlighting the strong rental growth in the county.
Well performing asset with a 3.0% vacancy rate over the trailing-12 months.
Benson is located in Cochise County approximately 50 miles southeast of Tucson and is known for having some of the best weather in the country.
Mortgage Banking
fred dockweiler
Managing Director
503.261.3668
fred.dockweiler@berkadia.com
Mortgage Banking