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105 Otter Ave. - Salem, VA 24153
PROPERTY Stats
2009
Placed in Service
29,700
sF
PROPERTY OVERVIEW
Oak Park is a 144-unit affordable housing community located in Salem, VA. The property is conveniently located minutes from major retailers including Kroger, Walmart Supercenter, and Lowe’s. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built in 1972 and rehabbed and placed in service in 2009 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 60% of the Area Median Income (AMI) limits, which are provided by the Virginia Department of Housing and Community Development.
The property also has a PBV HAP Contract with the Lynchburg Redevelopment & Housing Authority covering 33 units at the property. The Contract has an effective date of June 1, 2020 and runs for a 20 year period.
Oak Park Apartments offers one, two, and three bedroom apartment homes featuring dishwashers and high speed internet access. Community amenities include two playgrounds, a laundry facility, and 24-hour emergency maintenance.
The Roanake, VA MSA multifamily market has remained tight with a current vacancy rate of below 4% and only 540 units under construction MSA wide, per CoStar
The property has a PBV HAP Contract that provides coverage on 33 of the units with strong historical rental increases including a 41% increase in the 2024 Contract Rents
The Property is Located Approximately 15 Minutes from Downtown Roanoke, Offering Residents a Variety of Entertainment and Employment Options
The HUD Fair Market Rents for One, Two, & Three Bedroom Units in the Roanoke, VA MSA
Have Increased 31.49% Since 2020
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144
UNITS
126,360
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/.
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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
Senior Managing Director
Multifamily
VA License #0225154022
301.202.3553
bobby.meehling@berkadia.com
Robert Meehling
Senior Managing Director
Multifamily
VA License #0225067061
202.294.6976
drew.white@berkadia.com
DREW WHITE
Senior Director
Affordable Housing
MT License #89005
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
Senior Director
Affordable Housing
ID License #SP42885
208.631.4981
jordan.skyles@berkadia.com
Jordan Skyles
Senior Managing Director
Affordable Housing
ID License #DB36794
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
D.C. METRO OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
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.
© 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/.
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
Senior Managing Director
Multifamily
VA License #0225154022
301.202.3553
bobby.meehling@berkadia.com
Robert Meehling
Senior Managing Director
Multifamily
VA License #0225067061
202.294.6976
drew.white@berkadia.com
DREW WHITE
Senior Director
Affordable Housing
MT License #89005
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
Senior Director
Affordable Housing
ID License #SP42885
208.631.4981
jordan.skyles@berkadia.com
Jordan Skyles
Senior Managing Director
Affordable Housing
ID License #DB36794
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
D.C. METRO OFFICE
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Contacts and Office Locations