Arbor Crest Apartments – Closed on February 8, 2018

Arbor Crest Apartments – Closed on February 8, 2018

Price: $ Market Bid

Total Number of Units: 120

Address: 62 Cleveland Street, Quincy, FL, United States

  • Clear Path to Over a Pro Forma 9% Cap Rate and 16.5%+ Cash on Cash Return
  • Rare Low Income Housing Tax Credit (Section 42 LIHTC) Opportunity with Rental Upside
    • $83,918 (8.02%) Loss-to-Lease Upside Based on Current Market Rents
    • Current Average Effective Rents $85/unit/month Below 2017 Max Allowable Rents
  • Currently Under-Performing Asset with 85.83% Current Occupancy Compared to 95% Market Average of Inferior Assets
  • Operational Upside via Above-Market Average Controllable Expenses
  • 89% Two and Three-Bedroom Floor Plan Composition
  • 5.09% Gadsden County Max Allowable Rent Growth from 2016 to 2017

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

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Location Highlights

  • 260,000 Jobs Within a One-Hour Drive of Quincy, Florida
  • Superior Surrounding Location Compared to Rental Competition
  • Gadsden County Uniquely Positioned for Distribution/Fulfillment Center Economic Growth
  Carriera Regan in conjunction with Affordable Housing Advisors  

Additional Photos