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820 Martin Luther King Jr. Pkwy. - Durham, NC 27713
PROPERTY Stats
2002
Year Built
118,688
sF
PROPERTY OVERVIEW
Lakeside Gardens Senior Apartments is a 160-unit affordable housing community for seniors aged 55 and older located on Frazier Lake in Durham, NC, 35 miles northwest of Raleigh. Shopping, medical care, schools, and entertainment are all minutes away, as well as Duke University, North Carolina Central University, and Durham Technical Community College.
The property was built and placed in service in 2002. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Housing Finance Agency. The property is beyond its initial tax credit compliance period.
Residents benefit from community amenities such as on-site laundry facilities, on-site maintenance, secure access, an elevator, library, fitness center, walking trails, high speed internet, bbq/picnic areas, and on the public bus route. Unit amenities include ceiling fans, interior walkways, and a breakfast bar.
Senior LIHTC property located on Frazier Lake with very easy access to public transportation and a plethora of area amenities
The LIHTC Restrictions are set to expire at the end of 2032, allowing for a conversion to market at that time
Excellent rental upside by turning over the rent roll as recently leased units are nearly $250 higher than the average leased rents across the property
The rent and income limits increased by 21.7% in 2023, greatly increasing the potential tenant pool and providing additional rental upside at the property
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160
UNITS
118,688
160
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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/.
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
MORTGAGE BANKING
BACK TO TOP
Associate
Multifamily
919.812.3174
matthew.robertson@berkadia.com
MATT ROBERTSON
Multifamily
Managing Director
980.208.1668
caleb.troop@berkadia.com
CALEB TROOP
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
6000 Fairview Rd.
Suite 1200
Charlotte, NC 28210
CHARLOTTE OFFICE
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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/.
Multifamily
Managing Director
980.208.1668
caleb.troop@berkadia.com
CALEB TROOP
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
MORTGAGE BANKING
Associate
Multifamily
919.812.3174
matthew.robertson@berkadia.com
MATT ROBERTSON
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
6000 Fairview Rd.
Suite 1200
Charlotte, NC 28210
CHARLOTTE OFFICE
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
Contacts and Office Locations