Life at Westland Estates 467955

2950 Alemeda St. - Fort Worth, TX 76108

PROPERTY Stats

2004

Placed in Service

214,944

PROPERTY OVERVIEW

The Life at Westland Estates is a 192-unit affordable housing community located in Fort Worth, TX. The property is conveniently located minutes from dining, shopping, parks, and entertainment, including the SeaQuest Fort Worth Aquarium and Ridgmar Mall. With close proximity to I-30 & I-820, residents are less than 15 minutes from downtown Fort Worth, offering wide-ranging entertainment opportunities. The property was built and placed in service in 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by Texas Department of Housing & Community Affairs. The property is beyond its initial tax credit compliance period. The Life at Westland Estates offers two, three, and four bedroom floorplans that feature energy efficient appliances with a dishwasher and microwave, a private patio/balcony, large closets, ceiling fans, and washer/dryer connections. The community offers controlled gated access, a clubhouse, swimming pool, covered parking, a basketball court, recreation room, fitness center, and a business center.

The Ft. Worth MSA has experienced terrific income growth with the HUD Median Family Income increasing by 26% from 2021 and 2024, directly leading to equally strong growth in the rent and income limits Excellent operational upside as the LIHTC Restrictions expire at the end of 2034, allowing for a conversion to market at that time Fort Worth is home to several universities including Texas Christian University, Texas Wesleyan, University of North Texas Health Science Center, and Texas A&M University School of Law The property is operating at $200+ monthly discount to comparable market rate assets along with an average occupancy rate of 91.6% within 5 miles of the property per Yardi, highlighting the strong operational upside at the asset

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/.

800 W. Main St. Suite 1410 Boise, ID 83702

BOISE OFFICE

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GREGORY SMITH

Senior Managing Director Multifamily TX License #403280 972.764.8499 gregory.smith@berkadia.com

INVESTMENT ADVISORS

jay gunn

Managing Director Mutlifamily TX License #396855 972.458.4589 jay.gunn@berkadia.com

5960 Berkshire Ln. Suite 1000 Dallas, TX 75225

DALLAS OFFICE

MORTGAGE BANKING

Managing Director 404.654.2608 matthew.baptiste@berkadia.com

Matthew Baptiste

192

UNITS

214,944

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

MIKE TERRY