721 Crown Pointe Dr. - Lebanon, IN 46052
PROPERTY Stats
XX%
Occupancy
2011 & 2012
Built
54,729
sF
PROPERTY OVERVIEW
Stonegate Meadows is a 62-unit affordable housing community located in Lebanon, IN. The property is minutes from major transportation arteries, outdoor recreation, including Seashore Waterpark, William Health Services Hospital, the Boone County Fairgrounds, and an abundance of shopping venues, including Walmart Supercenter, and Menards.
The property was built and placed in service in 2011 & 2012 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which requires all units to be rented to income qualifying residents earning no more than 30%, 40%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Indiana Housing and Community Development Authority (IHCDA).
Stonegate Meadows offers one, two, and three bedroom apartment homes featuring fully-equipped kitchens, washer and dryer connections, window coverings, a security system, a covered front porch, and private individual entry.
The community offers a clubhouse with kitchenette, large covered porch, three-season room, multi-purpose room, picnic areas with BBQ grills, business center, community laundry facility, garden and gazebo on 1.5 acres of green space, and resident planned activities and social events.
Tremendously preforming LIHTC Property built and placed in service in 2011 & 2012 with a vacancy rate below 1.5% in 2024
The Gross Rental Limits at the Property Increased by 7.58% in 2025, Providing Additional Rental Upside at the Asset
Lebanon is located in the path of growth with an 11.5% projected increase in the population within 3 miles of the property between 2024 and 2029, per CoStar
The LIHTC Restrictions will expire at the end of 2041, allowing for a conversion to market at that time
INVESTMENT HIGHLIGHTS
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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.
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800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
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jordan baird
CA License #02251798
DireAffordable Housing
ctor of Operations
208.296.2073
jordan.baird@berkadia.com
INVESTMENT ADVISORS
211 W. Main St.
Suite 302
Carmel, IN 46032
carmel OFFICE
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Associate Director
817.821.9559
jack.leonhard@berkadia.com
Jack Leonhard
62
UNITS
54,729
ID License #SP42885
Senior Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Jordan Skyles
ID License #DB36794
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
Jeff Irish
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IN License #15001294
Managing Director
Multifamily
317.370.5515
chris.bruzas@berkadia.com
Chris Bruzas
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP