INVESTMENT HIGHLIGHTS
Senior LIHTC property with very low historical turnover as evidenced by a vacancy rate of below 2.0% over the Trailing-12 months
The LIHTC Restrictions are set to expire at the end of 2035, allowing for a conversion to market at that time
Rental rates on recent move-ins have been at a 15% to 20% premium over the in-place average rents, proving out the tremendous rental upside at the asset
Forest Park is Part of the Atlanta MSA, Offering the 10th Largest Economy in the U.S. and Home to the Headquarters of Several Major Corporations
EXECUTIVE SUMMARY
Ashton Walk is a 150-unit affordable housing community for seniors 55 and older located in Forest Park, GA. The property is conveniently located minutes from major retailers including ALDI, The Home Depot, and the shops at the Southlake Mall. Numerous restaurants, parks, healthcare, and major transportation arteries including I-75 and I-285 are nearby as well. Hartsfield-Jackson Atlanta International Airport is also easily accessible from the property.
The property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing LIHTC regulatory agreement in place which require 100% of the units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Georgia Department of Community Affairs (DCA). The LIHTC restrictions will expire at the end of 2035.
The property offers one and two bedroom apartment homes featuring spacious floorplans, spacious closets, washer/dryer connections, ceiling fans, and emergency assistance alarms. The community offers planned social activities, BBQ and picnic areas, a business center, community room, controlled access entry, elevators, a gazebo, on-site laundry facilities, fitness center, weekly resident shuttle services, and professional on-site management and maintenance services.
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AMENITIES
• 24-Hour Emergency Maintenance
• BBQ & Picnic Area
• Community Room
• Controlled Access Entry
• Elevators
• On-Site Laundry Facilities
• Planned Social Activities
APARTMENT FEATURES
• Full Kitchen Appliance Package
• Washer/Dryer Connections
• Ceiling Fans
• Spacious Closets
• Emergency Assistance Alarms
THE ASSET
GALLERY
4950 Governors Dr - Forest Park, GA 30297
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4950 Governors Dr. - Forest Park, GA 30297
2005
BUILT
129,072
SQ FT
150
UNITS
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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.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
• Professional On-Site Management
• Fitness Center
• Weekly Resident Shuttle Service
• Washer and Dryer Connections
• Full Kitchen Appliance Package
• Extra Storage
ATLANTA OFFICE
Three Alliance Center
3550 Lenox Rd., Suite 2600
Atlanta, GA 30326
CONTACT US
CHRIS CRUMP
Manageing Director
504.722.1999
chris.crump@berkadia.com
Tim leonhard
Senior Managing Director 504.458.1626
tim.leonhard@berkadia.com
ANDREW MAYS
Senior Managin Director
Multifamily
404.445.1067
andrew.mays@berkadia.com
MIKE TERRY
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
MORTGAGE BANKERS
INVESTMENT SALES
Senior Managin Director
Multifamily
404.445.1068
paul.vetter@berkadia.com
PAUL VETTER
6225 N. Meeker Pl.
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Boise, ID 83713
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