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470 East 100 South - Ephraim, UT 84627
PROPERTY Stats
36
UNITS
2010 & 2011
Year Built
34,846
sF
PROPERTY OVERVIEW
Palisade Park is a 36-unit affordable housing community located in Ephraim, UT. The property is minutes from Walmart Supercenter, dining, Highway 89, and schools, including Snow College and Utah State Ephraim.
The property was built and placed in service in 2010 & 2011 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%, 45%, 50%, and 55% of Area Median Income (AMI) limits, which are provided by the Utah Housing Corporation.
Palisade Park is comprised of two, three, and four bedroom units featuring washer & dryer connections, a patio/balcony, fully equipped kitchen with energy star appliances, and large closets. Community amenities include a playground, on-site leasing office, on-site maintenance, computer room, and on-site laundry facility.
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
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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/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
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Jeff IRish
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
JORDAN SKYLES
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
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6955 South Union Park Center
Suite 450
Midvale, UT 84047
SALT LAKE CITY OFFICE
Senior Managing Director
Multifamily
801.532.4901
greg.barratt@berkadia.com
greg barratt
6955 South Union Park Center
Suite 450
Midvale, UT 84047
SALT LAKE CITY OFFICE
Attractive existing loans on the property with a TCAP at a 0% interest rate and no required payments until maturity and a HOME Loan at a 1% interest rate
Ephraim is home to Snow College, with an enrollment of around 6,000 students
Strong historical operations with a vacancy rate below 4.0% over the trailing-12 months
Sanpete County has seen strong income growth with the HUD Median Family Income increasing from $63,200 in 2021 to $79,400 in 2023