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2573 NW 49th Ave. - Lauderdale Lakes, LA 33313
PROPERTY Stats
99%
Occupancy
1991/2007
Built/Reno
147,176
sF
PROPERTY OVERVIEW
Woodsdale Oaks Apartments is a 172-unit affordable housing community located in Lauderdale Lakes, FL. The property is conveniently located minutes from major retailers that include Publix, Walmart, The Home Depot, and the shops at the Lakes Mall. Numerous restaurants, entertainment, schools, and major transportation arteries, including the Florida Turnpike, are nearby as well.
The property was built in 1991 and rehabbed and placed in service in 2007 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 60% of the Area Median Income (AMI) limits, which are provided by the Florida Housing Finance Corporation.
Woodsdale Oaks Apartments is comprised of one, two, and three bedroom apartment homes featuring a full kitchen appliance package, air conditioning, a patio/balcony, and walk-in closets.
The community offers a playground, swimming pool and spa, picnic and grilling area, car wash area, on-site laundry facilities, clubhouse, and a courtyard.
The property is operating at a $700+ discount to comparable market rate assets, resulting in very low turnover with a trailing-12 occupancy rate of 98.5%
Terrific rental potential going forward as there is 27.6% of embedded growth in the rental limits based on the 2024 HUD Fair Market Rents
The LIHTC Restrictions expire at the end of 2036, allowing for a conversion to market at that time
The property is receiving a full property tax exemption under Florida Statute 196.1978(2)
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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.
© 2023 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/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
Jordan Skyles
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Associate Director
Multifamily
305.878.2278
omar.morales@berkadia.com
OMAR MORALES
1111 Brickell Ave.
Suite 1650
Miami, FL 33131
MIAMI 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
172
UNITS
147,176
172
Senior Managing Director
Multifamily
305.975.5956
roberto.pesant@berkadia.com
ROBERTO PESANT
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