- Highly Coveted Market Rate Conversion Play | Revenue Potential Unlocked!
- In-Place, Proven Value-Add Opportunity Through Continued Systematic Interior Upgrades
- Potential Other Income Generators
- Immediate Rent Upside of $240/Unit | Century Tower is Market Rate, San Regis & Fourth Street are in their Decontrol Periods
- Strong Surrounding Demographic Profile
- Offered Free and Clear of Existing Debt
In-Place, Proven Value-Add Opportunity Through Continued Systematic Interior Upgrades
The portfolio demonstrates a proven value-add business model that can be continued property wide for the remaining 83 classic units that are primed for modernization. Cosmetic upgrades to kitchen cabinets, countertops, lighting packages, bathrooms, and new appliances will allow a buyer to push annual rental income by more than $206,215.
Impressive Recent Financial Performance and Trending Revenues
T6 Revenue (Oct ‘22-March ’23) is up 3.34% (+$34,000) over 2022 revenue, showcasing strong trending financials and providing evidence of the value-add model and ability to increase rental income as the property progresses through the decontrol period of the LIHTC Program.
Highly Coveted, Market Rate Conversion Play | Revenue Potential Unlocked!!
Century Tower, San Regis, and Fourth Street Lofts were all previously in the Section 42 Low Income House Tax Credit (“LIHTC”) program. The initial 15-year Tax Credit Compliance Periods (“TCCP”) have ended. Ownership exercised the Qualified Contract option provided in the Land Use Restriction Agreement (LURA) to remove the long-term LIHTC restrictions, unlocking significant revenue potential.
Century Tower is now fully market rate.
San Regis and Fourth Street Lofts are currently in their first year of the three-year market conversion / decontrol period, allowing for significant upside for a new owner.
Over the normal course of business, and as affordable units turn over, a new owner can renovate and rent these units at current market rates (with NO rent or income restrictions!).
