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PROPERTY OVERVIEW
Queen Anne is a 98-unit affordable housing community located in Lebanon, OR. Lebanon is situated along the I-5 corridor, conveniently situated between Salem and Eugene along with being just 80 miles south of Portland.
The property was built and placed in service in 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreement in place which require all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Oregon Housing and Community Services. The property is beyond its initial tax credit compliance period. The LIHTC Restrictions will expire at the end of 2037.
Queen Anne offers one, two, and three bedroom apartment homes featuring open floor plans with a full appliance package, breakfast bar, extra storage space, private patio/balcony, security alarm, walk in closets, and washer & dryers in each unit.
Community amenities include a basketball court, assigned parking, garages, dog park, playground, and access to public transportation.
Potential to assume the very attractive existing HUD mortgage with an interest rate of 2.39%, a 35-year amortization schedule and maturity extending until 2056
Terrific potential rental upside on the 48 units currently with tenant-based subsidy vouchers as the Linn County HUD FMR’s increased by an average of 9.6% across one, two, and three bedroom units in 2024
The LIHTC Restrictions expire at the end of 2037, allowing for a conversion to market at that time
Excellent location near area amenities, including shopping, dining, and schools, with easy access via I-5 to Eugene, Salem, and Albany, OR
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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.
© 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/.
800 W. Main St.
Suite 1410
Boise, ID 83702
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Jordan Skyles
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
ID License # SP42885
INVESTMENT ADVISORS
Brian Brockman
Principal Broker- Oregon
513.898.1551
bor@bangrealty.com
OR License # 201236414
PROPERTY Stats
98
UNITS
2008
Built
93,200
sF
142 E. Elmore St. - Lebanon, OR 97355
