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Multifamily

Boulder Creek Apartments

4005 Moorpark Ct, Sparks, NV 89433

Listing Price: Request For Offer

Number of Units
250
Occupancy
97.0%
Gross SF
258,793

Investment Overview

Boulder Creek currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has an extended use agreement in place requiring that 100% of the units be rented to tenants earning no more than 60% of the local Area Median Income (AMI). A HOME Consortium and LIHTC restricts (for a total of 30 years) 250 units, which includes four three-bedroom units at no more than 30% AMI, four two-bedroom units at 30% AMI, five three-bedroom units at no more than 45% AMI, four four-bedroom units at no more than 45% AMI, nine two-bedroom units at no more than 50% AMI, 12 three-bedroom units at no more than 50% AMI, 25 four bedroom units at no more than 50% AMI, 30 one-bedroom units at no more than 60% AMI, 21 two-bedroom units at no more than 60% AMI, 119 three-bedroom units at no more than 60% AMI, and 17 four bedroom units at no more than 60% AMI. Although the initial Tax Credit Compliance Period (TCCP) expired on December 31, 2014, there are extended use restrictions in place until July 31, 2030. The buyer must agree to maintain the affordability restrictions under the Section 42 program through the extended use period. This will include but not be limited to operating the property in compliance with all state and federal regulatory agreements.

Investment Highlights

  • Boulder Creek is being offered Free & Clear of existing debt.  Buyer will need to assume the subordinate HOME Consortium Loan with a current Balance of +/- $618,000 at a 3.00% Rate due October, 2031.
  • Favorable unit mix of one, two, three, and four-bedroom apartments, with over 75 percent comprised of three and four-bedroom apartments.
  • Significant capex reinvested under current ownership including new roofs, exterior paint, and a complete renovation to the clubhouse.

Exclusively Listed By

Multifamily

Boulder Creek Apartments

Listing Price: Request For Offer

Number of Units
250
Occupancy
97.0%
Gross SF
258,793

Investment Highlights

  • Boulder Creek is being offered Free & Clear of existing debt.  Buyer will need to assume the subordinate HOME Consortium Loan with a current Balance of +/- $618,000 at a 3.00% Rate due October, 2031.
  • Favorable unit mix of one, two, three, and four-bedroom apartments, with over 75 percent comprised of three and four-bedroom apartments.
  • Significant capex reinvested under current ownership including new roofs, exterior paint, and a complete renovation to the clubhouse.

Investment Overview

Boulder Creek currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, and has an extended use agreement in place requiring that 100% of the units be rented to tenants earning no more than 60% of the local Area Median Income (AMI). A HOME Consortium and LIHTC restricts (for a total of 30 years) 250 units, which includes four three-bedroom units at no more than 30% AMI, four two-bedroom units at 30% AMI, five three-bedroom units at no more than 45% AMI, four four-bedroom units at no more than 45% AMI, nine two-bedroom units at no more than 50% AMI, 12 three-bedroom units at no more than 50% AMI, 25 four bedroom units at no more than 50% AMI, 30 one-bedroom units at no more than 60% AMI, 21 two-bedroom units at no more than 60% AMI, 119 three-bedroom units at no more than 60% AMI, and 17 four bedroom units at no more than 60% AMI. Although the initial Tax Credit Compliance Period (TCCP) expired on December 31, 2014, there are extended use restrictions in place until July 31, 2030. The buyer must agree to maintain the affordability restrictions under the Section 42 program through the extended use period. This will include but not be limited to operating the property in compliance with all state and federal regulatory agreements.

Exclusively Listed By

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