Investment Overview

Marcus and Millichap is proud to present Waterview Apartments, an affordable housing community located at 1200 Sycamore Estates Drive in Lawrenceburg, Indiana. Situated in a quiet, wooded setting surrounded by greenspace, the property offers a desirable blend of privacy and accessibility within the growing Lawrenceburg-Greendale market. Residents benefit from proximity to major employment centers, retail amenities, and the greater Cincinnati metropolitan area. The property is subject to a Land Use Restriction Agreement (LURA) commenced in 2012, in connection with the allocation of Low-Income Housing Tax Credits (LIHTCs) by the Indiana Housing and Community Development Authority (IHCDA). Under the terms of the agreement, all 64 units are designated as tax credit units. The LURA mandates income-based occupancy restrictions for the tax credit units, requiring not less than 15 percent of the units to be reserved for households earning at or below 30 percent of Area Median Income (AMI), not less than 25 percent of units to be reserved for households at or below 40 percent of AMI, not less than 30 percent of units to be reserved for households at or below 50 percent of AMI, and not less than 30 percent of units to be reserved for households at or below 60 percent of AMI. The agreement establishes a compliance period followed by and extended use period, with the total restriction term extending 30 years from the date placed in service. Waterview Apartments features a diverse mix of 16 one-bedroom units, 36 two-bedroom units, and 12 three-bedrooms units, each allocated across various income tiers to accommodate a broad spectrum of resident needs. Among the one-bedroom apartments, which measure approximately 711 square feet, five units are reserved for households earning at or below 30 percent of Area Median Income (AMI), three for those earning at or below 40 percent of AMI, four at or below 50 percent of AMI, and four at or below 60 percent of AMI. The two bedroom units, ranging in size from 909 to 951 square feet, include five units designated at 30 percent of AMI, nine units at 40 percent of AMI, eleven units at 50 percent of AMI, and eleven units at 60 percent of AMI. The three-bedroom units, which measure approximately 1,107 square feet, include four units designated at 40 percent of AMI, four units at 50 percent of AMI, and four units at 60 percent of AMI. Monthly rents for the one-bedroom units range from $494 to $1,123, the two-bedrooms from $590 to $1,345, and three-bedrooms range from $970 to $1,551. The property offers a compelling mix of in-unit and community amenities. Each apartment is thoughtfully equipped with a full appliance package (including refrigerator, stove, dishwasher, microwave, and disposal), private patios or balconies, individual electric water heater, central air conditioning, and washer and dryer hookups. Utilities such as water/sewer and trash/recycling are included in the tenant’s monthly rental rate. The community features several amenities including a clubhouse, billiards and shuffleboard, fitness center, business center, picnic area and playground. The property is pet friendly, allowing two pets per apartment unit. A $300 pet deposit and additional $25 monthly pet rent apply.