The Oaks 353155

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3900 Soundview Cir. - Triangle, VA 22172

PROPERTY Stats

2005

Placed in Service

53,560

PROPERTY OVERVIEW

The Oaks is a 58-unit affordable housing community for seniors located in Triangle, VA. The property is conveniently located minutes from major retailers including Walmart Supercenter, ALDI, and Target. Dining, outdoor recreation, and major transportation arteries, including I-95 and Highway 1 are nearby as well. The property was built and placed in service in 2005 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 40% & 50% of the Area Median Income (AMI) limits, which are provided by the Virginia Housing Development Agency. The property is beyond its initial tax credit compliance period and has extended use restrictions in place until 2035. The Oaks is a gated community offering one and two bedroom apartment homes. Residents benefit from on-site laundry facilities, a patio/balcony, and high-speed internet.

The LIHTC Restrictions are set to expire at the end of 2035, providing for tremendous upside through conversion to market at that time Senior LIHTC Property with excellent operational upside as the property is operating at asking rents $300+ below comparable properties Prince William County’s Population Age 65 and Older is Forecast to Grow 32.5% Over the Next Five Years, Surpassing 87,100 Residents Triangle is located just 33 miles south of downtown Washington D.C. in a high income pocket with an average median household income of $97,000 within three miles of the property

INVESTMENT HIGHLIGHTS

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292

UNITS

53,560

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/.

Managing Director 504.322.1196 chris.crump@berkadia.com

CHRIS CRUMP

Senior Managing Director 214.360.3849 tim.leonhard@berkadia.com

TIM LEONHARD

MORTGAGE BANKING

Senior Managing Director Multifamily VA License #0225154022 301.202.3553 bobby.meehling@berkadia.com

Robert Meehling

Senior Managing Director Multifamily VA License #0225067061 202.294.6976 drew.white@berkadia.com

DREW WHITE

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

MIKE TERRY

Senior Director Affordable Housing ID License #SP42885 208.631.4981 jordan.skyles@berkadia.com

Jordan Skyles

Senior Managing Director Affordable Housing ID License #DB36794 208.286.5013 jeff.irish@berkadia.com

JEFF IRISH

INVESTMENT ADVISORS

4445 Willard Ave. Suite 1200 Chevy Chase, MD 20815

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

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