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Year Built

2004

UNITS
145

Investment Highlights

  • Section 42 LIHTC Development – Immediately QC Eligible
  • Desirable Residential Location in College Town
  • Rare Workforce Community in Ames - Monthly Rents Significantly Below Direct Competitors in Immediate Submarket
  • Extremely Well Maintained Under Original Developer
  • Consistent Historical Occupancy of 95%-100%

The Opportunity

Berkadia is pleased to present the exclusive opportunity to acquire Windsor Pointe, a 145-unit apartment home community that was completed in 2004. While the project was originally completed as a LIHTC development and currently under Section 42 status, a buyer can take it through the Qualified Contract (QC) process immediately after close in order to implement a value-add strategy.

Additionally, the asset offers strong operational upside as it is currently under original long-term, out of state ownership, heavily focused on larger primary markets across the country. ​ ​ ​

One of the few workforce / affordable properties in a predominantly student-housing market

  • Conservative long-term management under original owner/developer
  • Current expenses extremely high – ability to streamline to market levels, directly improving NOI
  • Current monthly rents several $100’s below competitors
  • Offered ‘free and clear’

 

LIHTC/QC Eligibility Component

Windsor Pointe offers new ownership the benefit of LIHTC / QC eligibility, with 68% (99 units) of the property restricted at 60% of the Area Median Income (AMI) and the remaining 32% (46 units) at market rate. The initial compliance period concluded in 2018 with the property becoming QC-eligible. The extended-use period terminates in 2032.

After completing the QC process in Year 1, a new owner will be able to begin conversion of the property to market rate in Year 2 with a three-year decontrol period, during which rents may not be raised above their Net Maximum LIHTC level.

Upon conversion to market rate, rent premiums of $150+ per month are anticipated.

Interior Features

  • Refrigerator
  • Stove
  • Dishwasher
  • Pantry
  • Microwave
  • Eat-In Kitchen
  • Walk-In Closets
  • Vinyl Flooring
  • Washer/Dryer*
  • Patio/Balcony
  • Air Conditioning/Heating

*84 Units with In-Unit Washer/Dryer

Community Features

  • Community Room
  • Business Center
  • Clubhouse
  • Fitness Room
  • Playground
  • Barbeque Grills/Picnic Area
  • Elevator
  • Secure Entry and Building
  • TV Lounge
  • Laundry Facilities
  • Planned Social Activities
  • Onsite Maintenance
  • Covered Parking

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THE LOCATION

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ECONOMIC SNAPSHOT

CONTACT US FOR MORE INFO

PARKER STEWART

Director

312.845.3094

Parker.Stewart@berkadia.com

MICHAEL SULLIVAN

Senior Director

816.759.0369

Michael.Sullivan@berkadia.com

ALEX BLAGOJEVICH

Managing Director

312.845.3088

Alex.Blagojevich@berkadia.com

RALPH DEPASQUALE

Managing Director

312.845.8572

ralph.depasquale@berkadia.com

BRANDON GRISHAM

Senior Managing Director - Affordable Housing

800.840.3021

brandon.grisham@berkadia.com

JEFF IRISH

Senior Managing Director - Affordable Housing

800.840.3021

jeff.irish@berkadia.com

Mitch Sinberg

Senior Managing Director - Mortgage Banking

561.609.4006

mitch.sinberg@berkadia.com

CHICAGO OFFICE

125 South Wacker Drive

Suite 400

Chicago, IL 60606

Phone: 312.957.7391

Fax: 312.957.7871

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

©2020 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx