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A 6-Property, 234-Unit LIHTC Portfolio located within a variety of attractive North Carolina markets The Portfolio is operating fantastically with a total occupancy rate of 97.86% across the six properties 4 of the properties have NCHFA State Tax Credit Loans, which are non-interest bearing with no payments required until Maturity In aggregate, the properties are operating at rental rates that are well below comparable assets, resulting in strong occupancy levels and excellent rental upside moving forward
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Investment Highlights
NORTH CAROLINA LIHTC PORTFOLIO
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2002-2009
BUILT
6
PROPERTIES
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/.
234
UNITS
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2003
41
510 S. Caroline St., Rockingham, NC 28379
LENOX STATION
2009
60
21 Smokey Meadows Way, Canton, NC 28716
SMOKEY MEADOWS APTS.
2006
24
148 Mountain Oaks Ln., Sylva, NC 28779
THE HAVEN AT MOUNTAIN OAKS
52
501 Austins Ridge Cir., Southern Pines, NC 28387
AUSTIN'S RIDGE
2008
PIS
33
401 E. Washington Ave., Bessemer City, NC 28016
CENTRAL SCHOOL
2002
607 Lee Rd., Clyde, NC 28721
AVIEMORE VILLAGE
Managing Director Multifamily 704.565.9391 caleb.troop@berkadia.com
CALEB TROOP
Director Affordable Housing 425.999.1152 adam.tomberg@berkadia.com
ADAM TOMBERG
Senior Managing Director Affordable Housing 208.286.5013 jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT SALES
601 Union St. Suite 3909 Seattle, WA 98101
seattlE
Contacts & Office Locations
properties can be purchased together or individually
Director Multifamily 704.565.9391 thomas.colaiezzi@berkadia.com
THOMAS COLAIEZZI
6000 Fairview Rd. Suite 1200 Charlotte, NC 28210
CHARLOTTE
6225 N. Meeker Pl. Suite 210 Boise, ID 83713
BOISE
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AHP Restriction are anticipated to expire by the end of 2023, allowing for a conversion of five 50% AMI units to 60% AMI units Sylva is located an hour south of the Great Smoky Mountains National Park and the Cataloochee Ski Area The LIHTC Restrictions will expire at the end of 2036, allowing for a conversion to market at that time Conveniently located near grocers, major retailers, the Harris Regional Hospital, and Southwestern Community College
INVESTMENT HIGHLIGHTS
The Haven at Mountain Oaks is a 24-unit affordable housing community for seniors 62 and up located in Sylva, NC. Shopping, dining, healthcare facilities, entertainment, and outdoor recreation are all minutes away. The property was built and placed in service in 2006 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 50% and 60% of Area Median Income (AMI) limits, which are provided by the the North Carolina Federal Tax Reform Allocation Committee and the North Carolina Housing Finance Agency. Residents benefit from community amenities such as a business center, clubhouse, courtyard, on-site laundry facilities, on-site management, and on-site maintenance services. Unit amenities include energy efficient appliances, large closets, a patio/balcony, and washer/dryer connections.
PROPERTY OVERVIEW
PROPERTY Stats
Year Built
14,232
sF
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Portfolio Overview
148 Mountain Oaks Ln. - Sylva, NC 28779
Property Overview
AHP RESTRICTIONS EXPIRE AT THE END OF NOVEMBER 2023, CONVERTING FIVE 50% AMI UNITS TO 60% AMI UNITS SYLVA IS LOCATED AN HOUR SOUTH OF THE GREAT SMOKY MOUNTAINS NATIONAL PARK AND THE CATLOOCHEE SKI AREA EXCELLENT AMI GROWTH IN THE COUNTY WITH AN INCREASE OF 37.76% SINCE 2018 CONVENIENTLY LOCATED NEAR GROCERS, MAJOR RETAILERS, THE HARRIS REGIONAL HOSPITAL, AND SOUTHWESTERN COMMUNITY COLLEGE
Multifamily LIHTC Property Offering One, Two, and Three Bedroom Apartments Located Near Area Amenities, Including Shopping, Dining, Schools, Outdoor Recreation, and Major Transportation Arteries EXCELLENT AMI GROWTH IN THE COUNTY WITH AN INCREASE OF 36.94% SINCE 2018 Canton is Located in the Great Smoky Mountains About 17 Miles West of Asheville, Providing Access to Numerous Amenities
Smokey Meadows Apartments is a 60-unit affordable housing community offering one, two, and three bedroom apartments. The property is conveniently located in Canton, NC, near shopping, dining, schools, outdoor recreation, and major transportation arteries. The property was built in 2009 and placed in service in 2010 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 50% and 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee and the North Carolina Housing Finance Agency.
59,040
21 Smokey Meadows Way - Canton, NC 28716
2010
Senior LIHTC Property with a Variety of Residential and Community Amenities NCHFA RPP Restrictions Expire at the End of 2023, Removing the Rent Increase Approval Provision Currently In-Place at the Property Strong AMI Growth in Richmond County with an Average Annual Increase of 9.41% Since 2019 Fair Market Rents for Two Bedroom Units in Richmond County Have Increased 13.55% Since 2019
Lenox Station Apartments is a 41-unit affordable housing community for seniors located in Rockingham, NC. Nearby retail includes Food Lion, Lowe’s, and Walmart Supercenter. Restaurants, medical care, schools, and entertainment are all minutes away. The property was built and placed in service in 2003 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 50% & 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee. Residents benefit from community amenities such as a playground, community room, computer lab, gazebo, picnic tables, and covered mailbox area. Unit amenities include energy efficient appliances, hardwood floors, large closets, washer/dryer connections, window coverings, and private patio.
35,861
510 S. Caroline St. - Rockingham, NC 28379
Fantastic rental upside as the in-place rents are well below both the comparable market rents as well as the max net allowable rents Bessemer City is Located 25 Miles West of Charlotte, Providing Residents with Access to Shopping, Dining, Employment, and Entertainment Options The Charlotte MSA has experienced incredible income growth over recent years with the HUD Median Family Income increasing by 22% from 2021 to 2023, directly resulting in the same percentage growth in the maximum allowable rents There is an existing NCHFA State Tax Credit Loan on the property that does not accrue interest and does not require any payments until maturity in December of 2037
Central School Apartments is a 33-unit affordable housing community located in Bessemer City, NC. Shopping, restaurants, outdoor recreation, including Crowder’s Mountain State Park, schools, and major transportation arteries are all minutes away. Bessemer City is located approximately 6 miles northwest of Gastonia, and 25 miles west of Charlotte, offering an abundance of additional amenities for residents to enjoy. The property was built in 1930 and 1960, subsequently rehabilitated 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 40%, 50%, and 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee and the North Carolina Housing Finance Agency. The property is beyond the initial compliance period. Central School Apartments offers one, two, and three bedroom apartments that include a range/oven and refrigerator. Community amenities include an on-site laundry facility, computer room, and gazebo. Central School Apartments, formerly known as Bessemer Elementary School, was listed on the National Register of Historic Places in 2008.
1930 & 1960
31,002
401 E. Washington Ave. - Bessemer City, NC 28016
Multifamily LIHTC Property Offering One, Two, and Three Bedroom Apartments Bessemer City is Located 25 Miles West of Charlotte, Providing Residents with Access to Shopping, Dining, Employment, and Entertainment Options Excellent AMI Growth in Gaston County, with an Increase of 38.73% Since 2018 Gaston County is Home to Crowder’s Mountain State Park, North Carolina’s Most Visited State Park
Senior LIHTC Property Offering One and Two Bedroom Floorplans Located in the Smoky Mountains, Clyde Offers Small-Town Southern Charm for Residents and Travelers Drawn to the Appalachian Landscape The City is Located 20 Miles West of Asheville, OIffering a Variety of Entertainment, Education, and Career Opportunities Strong AMI Growth in Haywood County with an Average Annual Increase of 6.54% Since 2018
Aviemore Village Apartments is a 24-unit affordable housing community for residents 62 and older located off the Great Smoky Mountains Expressway in Clyde, NC. The property is accessible to multiple dining and retail options and minutes away from the Haywood Regional Medical Center. The property was built and placed in service in 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program.The LIHTC Regulatory Agreement was not provided but there are other Regulatory Agreements in place which require all units to be rented to income qualifying residents earning no more than 50% & 60% of the Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee, The property offers residents cozy one and two bedroom apartment homes equipped with fully furnished kitchens, beautiful countertops, and cherry wood cabinetry. Other apartment features include washer/dyer connections, large walk-in closets, and private patio/balcony. The community offers residents on-site maintenance and management, a garden with communal seating, and a community clubhouse.
15,870
607 Lee Rd. - Clyde, NC 28721
Senior LIHTC Property Offering One and Two Bedroom Floorplans Located in the Smoky Mountains, Clyde Offers Small-Town Southern Charm for Residents and Travelers Drawn to the Appalachian Landscape The City is Located 20 Miles West of Asheville, OIffering a Variety of Entertainment, Education, and Career Opportunities Several Recreation Opportunities, Including Hiking, Fishing, Water Sports, and Camping are Accessible in the Area due to its Proximity to the Great Smoky Mountains National Park and Lake Junaluska
There is significant rental upside as the in-place rents are well below both the max net allowable rents as well as the comparable market rents Moore County home to some of the best golf courses in the world, highlighted by, Pinehurst Resort, heavily contributing to the $750MM in economic impact from visitor spending in 2022 The HUD Median Family Income in Moore County has increased drastically over recent years, jumping from $76,500 in 2021 to $98,900 in 2023 There is an existing NCHFA State Tax Credit Loan on the property that does not accrue interest nor does it require any payments until Maturity in September of 2036
Austin’s Ridge Apartments is a 52-unit affordable housing community located in Southern Pines, NC. Nearby retailers include Walmart Supercenter, Lowe’s, and Hobby Lobby. Restaurants, medical care, schools, and entertainment are all minutes away. The property was built and placed in service in 2006 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 50% & 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Federal Tax Reform Allocation Committee. Residents benefit from community amenities such as a business center, community room, playground, gazebo, picnic and grilling area, covered mailbox area, laundry facilities, and on-site maintenance and management. Unit amenities include private patios, carpeting, energy efficient appliances, large closets, washer/dryer connections, window coverings, and high-speed internet access.
50,000
501 Austin’s Ridge Cir. - Southern Pines, NC 28387
LIHTC Property with a Variety of Residential and Community Amenities Conveniently Located Near Major Retailers, Restaurants, and Outdoor Recreation Strong AMI Growth in Moore County with an Average Annual Increase of 8.98% Since 2019 Fair Market Rents for Two Bedroom Units in Moore County Have Increased 17.5% Since 2019
