INVESTMENT HIGHLIGHTS
Well-Performing Asset with a Vacancy Rate Below 3% in 2022
The Jones County Area Median Income is Projected to Increase by 18.95% in 2023, Highlighting the Growth and Strength of the Area
Conveniently Located Property Just off Highway 15 Within Close Proximity to Numerous Retail and Dining Options Including Krogers, Walmart, and Lowe's
Excellent Rental Upside as the Rental Limits are Projected to Increase by 8.69% in 2023
EXECUTIVE SUMMARY
Shadowood Park Apartments is a 112-unit affordable housing community located in Laurel, MS. The property is conveniently located minutes away from dining, schools, parks, and shopping venues, including Walmart, Kroger, and Lowe's. Additionally, the major thoroughfare through town is nearby and provides easy access to area amenities.
The property was built and placed in service in 2008 and under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement 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 Mississippi Home Corporation.
The property is comprised of one, two, and three bedroom apartment homes featuring 9-foot ceilings, walk-in closets, a patio or balcony, ceiling fans, in-unit washer & dryers, and air conditioning. The community offers residents a swimming pool, secure gated access, a playground, a clubhouse, and on-call maintenance.
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COMMUNITY AMENITIES
• Swimming Pool
• Gated Community
• Playground
• Clubhouse
• Professional Management
• On-Call Maintenance
APARTMENT FEATURES
• Patio/Balcony
• High Speed Internet Access
• In-Unit Washer & Dryer
• 9ft Ceilings
• Ceiling Fans
• Walk-In Closets
• Fully Equipped Kitchen
THE ASSET
GALLERY
2600 Old Amy Rd. – Laurel, MS 39440
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2600 Old Amy Rd. – Laurel, MS 39440
SHADOWOOD PARK
2008
BUILT
130,096
SQ FT
112
UNITS
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BOISE OFFICE
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/.
FRED DOCKWEILER
Managing Director
Mortgage Banking
503.261.3668
fred.dockweiler@berkadia.com
ADam Tomberg
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
Jeff Irish
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
Jordan Skyles
Director of Operations
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
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/.
PATRICK JORDAN
Senior Director
Multifamily
901.425.182
patrick.jordan@berkadia.com
GREGG CORDARO
Managing Director
Multifamily
225.922.4587
gregg.cordaro@berkadia.com
BATON ROUGE OFFICE
8550 United Plaza Boulevard
Suite 702
Baton Rouge, LA 70809
GERMANTOWN OFFICE
2320 South Germantown Road
2nd Floor
Germantown, TN 38138
MORTGAGE BANKERS
TIM LEONHARD
Senior Managing Director
Mortgage Banker
214.360.3849
tim.leonhard@berkadia.com
chris crump
Managing Director
Mortgage Banker
504.322.1196
chris.crump@berkadia.com