260 Peachtree Street | Suite 2400 | Atlanta, Georgia 30303
active Sold

SOLD – Two Community Multi-Family Affordable Housing Portfolio

, 246 Pidgeon Bay Rd, Summerville, SC 29483, USA
  • Contact Agent

Overview

Property ID: 5734
  • Multi-Family, Sale, Sold
  • Property Type

Description

FOR SALE – Two Community (96 Units) Multi-Family Affordable Housing Portfolio

Portfolio Highlights:

  • 7.75% overall in-place cap rate based on T-12 Net Operating Income
  • Complimentary in age with all communities built between the years of 2000 and 2003
  • Stabilized affordable housing portfolio with 97% – 100% occupancy and overall weighted occupancy of 98.9%!
  • Potential value-add exit strategy for investors looking to take properties market rate once 15 year tax credit compliance period expires and rent restrictions lifted
  • $100+ Competitor Rent Gap Market versus Affordable Gives Way To Further Renovation Premium Growth
  • Best In Submarket compared to other rental properties
  • Connectivity Advantaged to major transportation corridors throughout each metro area with close proximity to downtown

Cedar Key Apartments (SOLD) – 48 Units 246 Pidgeon Bay Rd. Summerville, SC 29483
Pine Hill Apartments (SOLD) – 48 Units 1650 Royal Pines Dr. Raleigh, NC 27610

 

Property Flyer

Property Documents

176-Unit-Four-Community-Flyer-5-4-16

Details

Updated on February 3, 2021 at 9:06 pm
  • Property ID: 5734
  • Price: Contact Agent
  • Property Type: Multi-Family, Sale, Sold
  • Property Status: active, Sold

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Jeff Searcy
  • Jeff Searcy