Pacific Park 278999

INVESTMENT HIGHLIGHTS

The property has tremendous upside as either a market rate asset or conversion to condos upon the termination of the LIHTC Restrictions at the end of 2033 The Property is located just off Seward Highway minutes to area amenities, including dining, healthcare, and outdoor recreation Multifamily LIHTC Property offering one, two, and three bedroom apartments with a variety of unit and community amenities Excellent rent growth in the Kenai Peninsula as evidenced by the 10.56% average increase across the one, two, and three bedroom HUD Fair Market Rents in 2023 Seward is one of the most prolific fishing ports in the country averaging over 51 million pounds worth of fish, equating to $52,625,000 revenue annually since 2010 The Kenai Peninsula rent and income limits are projected to increase by 6.56% in 2023, creating significant rental upside at the property

EXECUTIVE SUMMARY

Pacific Park is a 30-unit affordable housing community located in Seward, AK. The property is minutes from the Seward Highway providing quick and easy access to area amenities including schools, Seward Airport, dining, and the city center. The property was built and placed in service in 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 45%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Alaska Housing Finance Corporation. There is also one unit set aside for the on-site manager. Pacific Park is comprised of one, two, and three bedroom units featuring a patio/balcony, a fully equipped kitchen, and central heat. Community amenities include an on-site laundry facility, playground, on-site management & maintenance, community room, and fitness center.

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COMMUNITY AMENITIES

• On-Site Laundry Facility • Playground • On-Site Management • Community Room • Fitness Center

APARTMENT FEATURES

• One, Two, & Three Bedroom Units • Patio/Balcony • Fully Equipped Kitchen • Central Heat

THE ASSET

GALLERY

106 Caines St. - Seward, AK 99664

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106 Caines St. - Seward, AK 99664

PACIFIC PARK

2004

BUILT

22,740

SQ FT

UNITS

The Opportunity

The Asset

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6225 North Meeker Place Suite 210 Boise, ID 83713

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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/.

• One, Two, & Three Bedroom Units • Patio/Balcony • Fully Equipped Kitchen

MIKE TERRY

Director Affordable Housing 425.761.1640 mike.terry@berkadia.com

TIM COBB

Alaska Broker Vantage Partners 509.624.4408 tim@hatleycobb.com

JEFF IRISH

Senior Managing Director Affordable Housing 208.286.5013 jeff.irish@berkadia.com