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40 & 50 Mount Zion Rd. - Atlanta, GA 30354
PROPERTY OVERVIEW
The Terraces Apartments & Townhomes is a 172-unit mixed-income housing community located in Atlanta, GA. The property is conveniently located minutes from schools, major transportation arteries, and retail including Walmart Supercenter, Kroger, and Walgreens. Numerous restaurants, entertainment, outdoor recreation areas, healthcare, and Hartsfield-Jackson Atlanta International Airport is nearby as well.
The property was built in 1970 and rehabbed and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 128 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 Georgia Department of Community Affairs. The property is beyond its Initial Tax Credit Compliance Period and has extended use restrictions in place until 2035. Furthermore, the property is eligible for the QC process and all documents are available.
The Terraces Apartments & Townhomes is comprised of one, two, and three bedroom apartment homes featuring high speed internet access, washer & dryer connections, air conditioning, and a fully equipped kitchen including a dishwasher and refrigerator. The community offers a fitness center, on-site laundry facility, playground, clubhouse, partially fenced, and a picnic area with grills. Additional amenities include professional on-site maintenance and management.
Located less than 6-miles from Hartsfield-Jackson Atlanta International Airport, home to over 63,000 jobs
Conveniently located within a 30-minute drive of nearly 1.1M jobs
The gross rental limits at the asset increased by 3% in 2024, creating additional rental upside at the asset
The LIHTC Restrictions naturally expire at the end of 2035 or potentially earlier through the Qualified Contract Process
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.
© 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 Tax Credit Syndication group. 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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jUDY mACmANUS
Managing Director
Multifamily
404.654.2074
judy.macmanus@berkadia.com
GA License # 262140
INVESTMENT ADVISORS
Paul Vetter
Senior Managing Director
Multifamily
404.445.1068
paul.vetter@berkadia.com
GA License # 261596
Senior Managing Director
Multifamily
404.445.1067
andrew.mays@berkadia.com
GA License # 238374
Andrew Mays
Three Alliance Center
3550 Lenox Rd., Suite 2600
Atlanta, GA 30326
Atlanta OFFICE
PROPERTY Stats
172
UNITS
1970/2005
Built/Reno
188,600
sF
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
WA License # 26367
Brandon Grisham
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MT License # 89005
Mike Terry
Associate Director
Multifamily
404.654.2347
ian.shaw@berkadia.com
GA License # 389665
Ian Shaw
MORTGAGE BANKING
Senior Managing Director
404.654.2590
richard.levine@berkadia.com
Richard Levine
Senior Managing Director
404.654.2595
john.bray@berkadia.com
John bray
Managing Director
404.654.2594
josh.finley@berkadia.com
Josh Finley
MORTGAGE BANKING
