Stonebridge 467659

1225 Lincoln Ave. - Jacksonville, IL 62650

PROPERTY Stats

100%

Occupancy

2003

Placed in Service

214,944

PROPERTY OVERVIEW

Stonebridge Apartment Homes is a 60-unit affordable housing community located in Jacksonville, IL. The property is conveniently located minutes from major retailers, including Walmart Supercenter, JC Penney, and The Home Depot. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well. Jacksonville is home to Illinois College, which is easily accessible from the property. The property was built and placed in service in 2003 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 Illinois Housing Development Authority. Stonebridge Apartment Homes offers two and three bedroom apartment homes featuring ceiling fans, patios/balconies, extra storage, and washer/dryer connections. Community amenities include a laundry facility, barbecue area, picnic area, and playground.

Recent LURA Amendment allows for the opportunity to convert 20% of the units from 40% AMI to 60% AMI, creating terrific rental upside The property consists of spacious two- and three-bedroom units, with an average unit size of 1,027 square feet, providing for high rental demand from the market The Morgan County HUD FMR's increased by an average of 7.2% across two- and three-bedroom units from 2024 to 2025, highlighting the strong rental growth in the county The LIHTC restrictions expire at the end of 2034, allowing for a conversion to market at that time

INVESTMENT HIGHLIGHTS

Contacts and Office Locations

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/.

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INVESTMENT ADVISORS

Pete Evans

Managing Director Multifamily IL License #40475251 312.407.6711 pete.evans@berkadia.com

125 S. Wacker Dr. Suite 400 Chicago, IL 60606

CHICAGO OFFICE

MORTGAGE BANKING

Senior Managing Director 214.360.3849 tim.leonhard@berkadia.com

TIM LEONHARD

Managing Director 504.322.1196 chris.crump@berkadia.com

CHRIS CRUMP

UNITS

61,562

601 Union St. Suite 3909 Seattle, WA 98101

SEATTLE OFFICE

Director Affordable Housing MT License #89005 425.761.1640 mike.terry@berkadia.com

MIKE TERRY