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25 E. 5th Ave.- Denver, CO 80203
PROPERTY OVERVIEW
Lincoln Terrace is a 75-unit affordable housing community located in Denver, CO. The property is conveniently situated minutes from major retailers including Safeway, Trader Joe’s, and King Soopers. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well. Downtown Denver is less than 10 minutes from the property, offering access to additional amenities, including museums and sports venues. Several institutions of higher education are also nearby, including Metropolitan State University of Denver and the University of Denver.
The property was built and placed in service in 2008 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 30%, 40%, and 50% of the Area Median Income (AMI) limits, which are provided by the Colorado Housing Finance Authority.
Lincoln Terrace offers one and two bedroom apartment homes featuring open floor plans with fully equipped kitchens and walk-in closets. The community offers secure access entry, a 24-hour fitness center, on-site laundry facility, clubhouse, covered parking, and on-site management and maintenance.
Terrific urban LIHTC asset located just over 1 mile from the Denver City Center, having a 94 Walk Score, a 98 Bike Score, and a median household income of nearly $90,000 within a three mile radius of the property
The rental limits under the LIHTC program increased by 3.9% in the recently released 2024 limits, resulting additional rental upside at the asset
The property is operating at an $600+ discount to comparable market rents, resulting in a vacancy rate of below 2.0% over the trailing-12 months
The Denver MSA has experienced incredible income growth, with the HUD Median Family Income increasing by 39.6% over the last five years directly leading to equally strong growth in the rent and income limits under the LIHTC program
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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/.
601 Union St.
Suite 3909
Seattle, WA 98101
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Brandon Grisham
Senior Managing Director
Affordable Housing
WA License #: 26367
253.653.3313
brandon.grisham@berkadia.com
MORTGAGE BANKERS
TIM LEONHARD
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
1331 17th St.
10th Floor
Denver, CO 80202
DENVER OFFICE
PROPERTY Stats
75
UNITS
2008
Built
71,026
sF
INVESTMENT ADVISORS
Managing Director
Multifamily
CO License #: FA100016194
303.689.8306
nick.steele@berkadia.com
Nick Steele
Director
Affordbale Housing
WA License #: 22019732
425.999.1152
adam.tomberg@berkadia.com
Adam Tomberg