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3101 Coventry Dr. - Bakersfield, CA 93304
PROPERTY Stats
88
UNITS
1991/2007
Year Built/Reno
91,528
sF
PROPERTY OVERVIEW
Coventry Place Apartments is an 88-unit affordable housing community located in Bakersfield, CA. The property is conveniently located minutes from major retailers including The Home Depot, Target, and Dollar General. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built in 1991 and rehabbed and placed in service in 2007 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 40%, 50%, 55%, & 60% of the Area Median Income (AMI) limits, which are provided by the California Tax Credit Allocation Committee.
Coventry Place Apartments offers two and three bedroom apartment homes featuring high speed internet access, air conditioning, and a balcony/patio.
Terrifically located asset within close proximity to numerous area amenities, schools and major transportation arteries
The Bakersfield, CA MSA rent and income limits increased by 5.9% in 2023, creating significant rental upside at the property
Bakersfield is home to several institutions of Higher Education including California State University, Bakersfield and Bakersfield College
The maximum allowable rents are at a significant discount to comparables market rate properties resulting in very low historical vacancy
The HUD 2 Bedroom Fair Market Rents have increased by nearly 41% from 2018 to 2023 in the Bakersfield, MSA, which is indicative of the consistent rental growth seen in the market
The rent and income limits are based on the California Non-Metro Median Family Income, which has resulted in a 37.5% increase in the limits from 2018 through 2023
The Bakersfield MSA has experienced fantastic income growth with a 28% increase in the HUD MFI over the last three years
INVESTMENT HIGHLIGHTS
ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
BRUCE FURNISS
Managing Director
Multifamily Housing
714.384.3266
bruce.furniss@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is 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. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
COVENTRY PLACE
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