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4545 Cary Glen Blvd. - Cary, NC 27519
PROPERTY Stats
98%
Occupancy
2003
Year Built
126.768
sF
PROPERTY OVERVIEW
The Grove at Cary Park is a 120-unit affordable housing community located in Cary, NC. Residents enjoy access to major shopping areas, dining, and interstates, as well as peaceful surroundings with jogging and biking trails. The property is located in the brand new Cary Park neighborhood, one of the most desirable areas in the Research Triangle Park, and has convenient access to routes 540, I-40 & 64.
The property was built and placed in service in 2003 under the the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the North Carolina Housing Finance Agency. The property is beyond its initial tax credit compliance period.
Residents benefit from community amenities such as a community pool, clubhouse, on-site laundry facilities, picnic/bbq area, jogging and biking trails, fitness center, and playground. Unit amenities include full appliance package, large closets, and ceiling fans.
The LIHTC Restrictions are set to expire at the end of 2033, providing tremendous rental upside through a conversion to market at that time
The property is located in an excellent submarket of the Raleigh, NC MSA with the median household income over $146,000 within a 1-mile radius and $136,000 within a 3-mile radius
The maximum allowable rents are at a $150+ discount to comparable market rents, resulting in a current occupancy rate of above 98%
The Raleigh, NC HERA Special Limits are projected to increase by 4.87% in 2024, providing additional rental upside at the property
The property is located within 20 miles of the University of North Carolina - Chapel Hill, North Carolina State University, and Duke University, three prestigious higher education institutions
Located within a 1.5 miles of Mills Creek Elementary and Middle School as well as Panther Creek High School, some of the highest rated schools in the state
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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/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
JORDAN SKYLES
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Associate
Multifamily
919.812.3174
matthew.robertson@berkadia.com
MATT ROBERTSON
6000 Fairview Rd.
Suite 1200
Charlotte, NC 28210
CHARLOTTE OFFICE
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
120
UNITS
126,768
120
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Multifamily
Managing Director
980.208.1668
caleb.troop@berkadia.com
CALEB TROOP