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Multifamily

Pinnacle & Heritage Apartments

203 Harrison St, Boone, IA 50036

Listing Price: $6,450,000

Cap Rate
5.85%
Number of Units
173
GRM
4.97
Occupancy
90.5%
Price/Unit
$37,283
Price/Gross SF
$56.38
Gross SF
114,401

Investment Overview

Marcus & Millichap is pleased to present Pinnacle and Heritage Apartments. Two multifamily communities located in Boone and Waterloo, Iowa being sold together as a portfolio of 173 units. Pinnacle Apartments is a 72 unit Section 8 Low Income Housing Tax Credit property (34 Section 8 units and 38 Section 42 Tax Credit units) located in Boone, Iowa. Heritage Apartments is a 101 unit Section 8 Low Income Housing Tax Credit property (75 Section 8 units and 26 Section 42 Tax Credit units) located in Waterloo, Iowa across eight different nearby locations. These eight locations of Heritage Apartments are broken into communities of 36 units, 20 units, 11 units, three different locations of eight units, and two different locations of five units.

An investor has the opportunity to buy 173 units in stable Iowa markets with the ability to raise rents and increase occupancy. Both properties in Waterloo and Boone are operating with partial Housing Assistance Payments (HAP) contracts and partial Tax Credit Units. An investor has the opportunity to continue to operate the properties as such or they may be able to transfer the HAP Budget Authority under Guidelines of the Section 8 (bb) from the Boone property to Waterloo to meet current market demands and increase portfolio value.

Investment Highlights

  • 173 Units offered at $37,283
  • Boone rents significantly below Market Rent
  • Opportunity to potentially transfer Boone HAP contract to Waterloo

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): IA: B63379000

    Iowa

Multifamily

Pinnacle & Heritage Apartments

Listing Price: $6,450,000

Cap Rate
5.85%
Number of Units
173
GRM
4.97
Occupancy
90.5%
Price/Unit
$37,283
Price/Gross SF
$56.38
Gross SF
114,401

Investment Highlights

  • 173 Units offered at $37,283
  • Boone rents significantly below Market Rent
  • Opportunity to potentially transfer Boone HAP contract to Waterloo

Investment Overview

Marcus & Millichap is pleased to present Pinnacle and Heritage Apartments. Two multifamily communities located in Boone and Waterloo, Iowa being sold together as a portfolio of 173 units. Pinnacle Apartments is a 72 unit Section 8 Low Income Housing Tax Credit property (34 Section 8 units and 38 Section 42 Tax Credit units) located in Boone, Iowa. Heritage Apartments is a 101 unit Section 8 Low Income Housing Tax Credit property (75 Section 8 units and 26 Section 42 Tax Credit units) located in Waterloo, Iowa across eight different nearby locations. These eight locations of Heritage Apartments are broken into communities of 36 units, 20 units, 11 units, three different locations of eight units, and two different locations of five units.

An investor has the opportunity to buy 173 units in stable Iowa markets with the ability to raise rents and increase occupancy. Both properties in Waterloo and Boone are operating with partial Housing Assistance Payments (HAP) contracts and partial Tax Credit Units. An investor has the opportunity to continue to operate the properties as such or they may be able to transfer the HAP Budget Authority under Guidelines of the Section 8 (bb) from the Boone property to Waterloo to meet current market demands and increase portfolio value.

Exclusively Listed By

  • Scott D. Harris

    Senior Managing Director Investments

    (630) 570-2220

    Email Scott

    License(s): IA: S58247000, WI: 15869-090, IN: RB14049474, IL: 475.139778

    Chicago Oak Brook

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    License(s): IA: B63379000

    Iowa

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