Three Rivers Landing 311843

13120 Three Rivers Rd. - Gulfport, MS 39503

PROPERTY Stats

2008 & 2009

Placed in Service

192,042

PROPERTY OVERVIEW

Three Rivers Landing is a 170-unit affordable housing community located in Gulfport, MS. Residents enjoy access to major shopping areas, dining, and interstates, as well as peaceful surroundings and an array of amenities. The property is also located close to schools including the Mississippi Gulf Coast Community College. The property was built and placed in service in 2008 & 2009 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% & 60% of the Area Median Income (AMI) limits, which are provided by the Mississippi Home Corporation. Residents benefit from community amenities such as a business center, clubhouse, and playground. All one, two, and three bedroom units come standard with nine foot ceilings, ceiling fans, fully equipped kitchens with a pantry, washer and dryer, walk-in closets, linen closet, and a patio/balcony.

The property has historically operated incredibly efficiently with a vacancy rate of just 1.5% over the trailing-12 months Well located asset with a median household income of nearly $63,000 and a projected population increase of 6.6% by 2029 within a five mile radius The maximum allowable rents at the property are at a significant discount to comparable market rate properties, resulting in stable operations and low turnover Tremendous growth in the Gulfport, MSA HUD Median Family Income, with a 46% increase since 2018

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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Contact

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Mike Terry

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

INVESTMENT ADVISORS

Patrick Jordan

Senior Director Multifamily 901.425.1828 patrick.jordan@berkadia.com MS License: #B-24112

2320 S. Germantown Rd. 2nd Floor Germantown, TN 38138

GERMANTOWN 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

170

UNITS

192,042

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

Jordan Skyles