INVESTMENT HIGHLIGHTS
The Durham County Area Median Income Has Experienced Fantastic Growth, Increasing From $67,400 in 2015 to $95,500 in 2022, Which has Directly Resulted in a Significant Jump in the Rental Limits.
Terrific Rental Upside at the Property with the Average Leased Rents at a Several Hundred Dollar Discount to Both the Maximum Allowable Rents and the Comparable
Market Rate Rents.
The LIHTC Restrictions are Set to Expire at the End of 2034 Allowing for a Conversion to Market at that Time.
Located Only 6 Miles from Duke University and Within 21 Miles of Both the University of North Carolina at Chapel
Hill and North Carolina State University.
EXECUTIVE SUMMARY
Pendleton Townhomes is an 88-unit affordable housing community located on 23 secluded, wooded acres in Durham, NC, 35 miles northwest of Raleigh. Shopping, medical care, schools, and entertainment are all minutes away, as well as Duke University, North Carolina Central University, and Durham Technical Community College.
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 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 Federal Tax Reform Allocation Committee. The property is beyond its initial tax credit compliance period and the LIHTC Restrictions are set to expire at the end of 2034.
Residents benefit from community amenities such as on-site laundry facilities, on-site maintenance, a clubhouse, a playground, a bbq/picnic area, a community room, and a convenient location within a half mile to public transportation. Unit amenities include walk-in closets, washer/dryer connections, extra storage, a patio/balcony, and a kitchen pantry.
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COMMUNITY AMENITIES
• On-Site Laundry Facility
• On-Site Maintenance
• Clubhouse
APARTMENT FEATURES
• Walk-In Closets
• Washer & Dryer Connections
• Extra Storage
• Patio/Balcony
• Kitchen Pantry
THE ASSET
GALLERY
314 S. Woodcrest St. – Durham, NC 27703
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314 S. Woodcrest St. – Durham, NC 27703
PENDLETON TOWNHOMES
2005
BUILT
109,340
SQ FT
88
UNITS
The Opportunity
The Asset
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MORTGAGE BANKING
INVESTMENT SALES
BOISE OFFICE
6225 North Meeker Place
Suite 210
Boise, ID 83713
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The Team
• Playground
• BBQ/Picnic Area
• Community Room with Kitchen
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/.
CHRIS CRUMP
Managing Director
Mortgage Banking
504.722.1999
chris.crump@berkadia.com
tim leonhard
Senior Managing Director
Mortgage Banking
504.458.1626
tim.leonhard@berkadia.com
MORTGAGE BANKING
JORDAN SKYLES
Director of Operations
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT SALES
MARK BOYCE
Managing Director
Multifamily
843.628.3765
mark.boyce@berkadia.com
ADAM TOMBERG
Director
Affordable Housing
206.521.7218
adam.tomberg@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.
© 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/.
CHARLOTTE OFFICE
6000 Fairview Road
Suite 1200
Charlotte, NC 28210
CALEB TROOP
Managing Director
Multifamily
314.607.3481
caleb.troop@berkadia.com