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17800 Murdock Circle - Port Charlotte, FL 33948
PROPERTY Stats
264
UNITS
2001
Year Built
261,680
sF
PROPERTY OVERVIEW
Murdock Circle is a 264-unit mixed-income housing community located in Port Charlotte, FL. The property is conveniently located within walking distance of shopping venues and restaurants at the Port Charlotte Town Center, as well as employment, major transportation arteries, and the Sunseeker Resort, which is expected to be completed in late 2023 and will have over 700 hotel rooms, 20 restaurants and bars, 18 holes of golf, and two pools. The Charlotte Technical College, Murdock Middle School, and Port Charlotte High School are all within a mile from the property.
The property was built and placed in service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The LIHTC Restrictions have been terminated through the Qualified Contract Process and all rental restrictions were removed. The property currently operates under a SAIL Regulatory Agreement that requires 85% of units to be income restricted through 2051.
The property is in excellent condition with nearly $8,200 per unit in CapEx being invested in the property since the beginning of 2018. Upgrades include a renovated clubhouse, gym and pool, as well as a new sealcoat of the parking lot. Additionally, the property was painted in 2016 and new roofs were placed on the property in 2018. Nine of the market rate units have been upgraded and are receiving a significant rental premium proving out a value-add program at the property. These upgraded units have new appliances, light fixtures, flooring, counter tops, and cabinets.
Murdock Circle offers one, two, three, and four bedroom apartment homes featuring an open floorplan, private ground floor entry, washer/dryer connections and rentals, air conditioning, large closets, and ceiling fans. Each unit is equipped with an open kitchen with breakfast bar and pantry, as well as a full energy efficient appliance package.
Community amenities include gated access, a business center, resort-style swimming pool with sundeck, bbq/picnic area, volleyball and basketball court, car care center, clubhouse with Wi-Fi cafe, resident activities, fitness center, bike racks, and dog park.
The LIHTC Restrictions have been terminated through the Qualified Contract Process and as a result, there are no rental restrictions at the asset
A quarter of the market units have been upgraded and are receiving a rental premium of nearly 25%, providing for operational upside through additional upgrading of the remaining market rate units
Terrific rental upside as the property is operating at a 16% loss to lease compared to the rent received on recent move-ins. The first quarter of 2023 averaged a 10.8% increase over the prior lease rates, displaying the rental upside by turning over leases
The property is operating at a significant discount to comparable market rate properties, as a result, since 2021, the property has averaged a 28.45% annual average turnover rate
The property is in terrific condition with $2,160,000 (~$8,200 per unit) in Capital Improvements since 2018 including a new roof in 2018 and a sealcoat in 2021
INVESTMENT HIGHLIGHTS
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
cole whitaker
Director
Multifamily
407.481.9920
cole.whitaker@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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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/.
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BRANDON GRISHAM
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Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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tim LEONHARD
Senior Managing Director
Affordable Housing
504.458.1626
tim.leonhard@berkadia.com
Chris crump
Managing Director
Affordable Housing
504.722.1999
chris.crump@berkadia.com
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