Terraces at Highbury Court
172 Unit Apartment Building | $17,200,000 ($100,000/Unit) | 6.97% Cap Rate | Atlanta, GA 30354
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $17,200,000
- Property Type
-
Multifamily
- Square Feet
- 185,692 SF
Listing Contacts
Ian Shaw
Verified Profile
- Property Info
Property Overview
Terraces is a 172-unit LIHTC property placed into Tax Credit service in 2005 (built 1970) and offers significant investor returns once operations are stabilized. Assuming the current debt results in a high LTV at 5.77% interest, with two years remaining interest only.
The property is eligible to go through the QC process and the documents for the process are available. A new owner would have the option to take it through a QC process to become a market rate property or continue to manage it as LIHTC . Insurance loss runs have been provided in the Document Center and reveal no recent claims.
The property is eligible to go through the QC process and the documents for the process are available. A new owner would have the option to take it through a QC process to become a market rate property or continue to manage it as LIHTC . Insurance loss runs have been provided in the Document Center and reveal no recent claims.
Property Details
- Class
- C
- Year Built
- 1970
- Stories
- 2
- Lot Size (sq. ft)
- 649,480 SF
- Units
- 172
Highlights
- Assumable Loan - No Seller financing
- The gross rent limits at the asset increased 3% in 2024, creating additional rental upside
- The LIHTC restrictions can be terminated via the Qualified Contract process
- Conveniently located within a 30-minute drive of nearly 1.1M jobs
- Located less than 6-miles from Hartsfield-Jackson Atlanta International Airport, home to over 63,000 jobs
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