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 company 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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QUICK STATS
$2,213/$2.12
Market Rent
19,050
RENTABLE AREA
2023
YOC
29
UNITS
Investment highlights
Senior Affordable Housing Property with an Option 2 HAP Contract providing coverage for 24 Units
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Incredibly well performing asset with a vacancy rate below 1.5% over the trailing-12 months
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Potential Rental Upside as the property will be eligible for a Mark-Up-To-Market in 2026
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Attractive In-Place Financing with a Freddie Mac Loan at a 4.56% interest rate maturing in 2029 and a TCAP Loan at a 0% interest rate maturing in 2041
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96%
OCCUPIED
Excellent rental growth in the submarket, with the 1 Bedroom HUD SAFMR increasing by 36.4% since 2021
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GALLERY
GALLERY
1983 / 2011
BUILT / PIS
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21754 SW Sherwood Blvd. - Sherwood, OR 97140
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PROPERTY OVERVIEW
Stewart Terrace Senior Apartments is a 29-unit affordable housing community for seniors located in Sherwood, OR. The property is conveniently located minutes from major retailers, including Walmart Supercenter, Kohl’s, and Target. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built in 1983 and renovated and placed in service in 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 60% of the Area Median Income (AMI) limits, which are provided by the Oregon Housing and Community Services Department.
Additionally, the property is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of April 1, 2011 and provides assistance for 24 units. Within the contract, Section 2(a) states that the contract runs for an effective term of 22 years.
Stewart Terrace Senior Apartments offers one and two bedroom apartment homes featuring ample storage, patios, and updated carpet and vinyl flooring. Community amenities include a community room, gazebo, laundry room, and online maintenance portal.
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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.
© 2025 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/.
The Opportunity
The Asset
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Contact
Doc Center
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Terms of Use
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 company 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Senior LIHTC Property built in 2011 containing 90 units located in the 8-story building along with 10 three-bedroom townhome units
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Well located asset just under 7 miles from downtown Miami, as well as the Miami International Airport
Bang Realty 513.898.1551 bor@bangrealty.com
Brian Brockman
IN COOPERATION WITH
Associate Director Affordable Housing
253.355.1521 sam.kasteler@berkadia.com
UT License #14126557-SA00
Sam Kasteler
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
ID License: #SP42885
Jordan Skyles
INVESTMENT SALES
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
Bang Realty 513.898.1551 bor@bangrealty.com
Brian Brockman
IN COOPERATION WITH
Associate Director Affordable Housing
253.355.1521 sam.kasteler@berkadia.com
UT License #14126557-SA00
Sam Kasteler
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
ID License: #SP42885
Jordan Skyles
IN COOPERATION WITH
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE