INVESTMENT HIGHLIGHTS
Strong rental upside as property is operating well below the max net allowable rents and a vacancy rate at just over 3.0% in the trailing-12 months
Campbell County has been experiencing strong income growth with the HUD Median Family Income having increased by 17.76% in 2023
LaFollette is located in the heart of the Cumberland Mountains 26 miles north of Knoxville
The Campbell County 2 & 3 Bedroom HUD Fair Market Rents increased by an average of 18.44% in 2023, which is indicative of the rental growth being seen in the market
The LIHTC Restrictions are set to expire at the end of 2036, allowing for a conversion to market at that time
Potential to assume the existing agency financing with an attractive 4.87% interest rate
EXECUTIVE SUMMARY
LaFollette Estates Apartment Homes is an 88-unit affordable housing community located in LaFollette, TN. The property is situated right off Highway 25W, providing quick and convenient access to major retailers including Save A Lot, CVS, Walgreens, Walmart Supercenter, and Lowe’s. Numerous restaurants, outdoor recreation, public schools, and Roane State Community College at Campbell County are also nearby.
The property was built and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all 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 the Tennessee Housing Development Agency (THDA).
LaFollette Estates Apartment Homes offers two and three bedroom apartment homes. Community amenities include a playground, swimming pool, and clubhouse.
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AMENITIES
• Playground
• On-Site Property Manager
• Swimming Pool
• Clubhouse
APARTMENT FEATURES
• Two & Three Bedroom Units
• Fully Equipped Kitchens
THE ASSET
GALLERY
123 Brooke Place Ln. - LaFollette, TN 37766
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123 Brooke Place Ln. - LaFollette, TN 37766
2006
BUILT
77,920
SQ FT
88
UNITS
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• Two & Three Bedroom Units
• Full Appliance Package
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/.
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
PATRICK JORDAN
Senior Director
Multifamily
901.425.1828
patrick.jordan@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
GERMANTOWN OFFICE
2320 South Germantown Rd.
2nd Floor
Germantown, TN 38138
BOISE OFFICE
6225 North Meeker Place
Suite 210
Boise, ID 83713
CONTACT US
GERMANTOWN OFFICE
2320 South Germantown Rd.
2nd Floor
Germantown, TN 38138
CONTACT US
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
PATRICK JORDAN
Senior Director
Multifamily
901.425.1828
patrick.jordan@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
BOISE OFFICE
6225 North Meeker Place
Suite 210
Boise, ID 83713
MORTGAGE BANKERS
MATTHEW NAPOLEON
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com