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328 Jetton Street – Davidson, NC 28036
THE BUNGALOWS
32
UNITS
2000
BUILT
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INVESTMENT HIGHLIGHTS
1.
2.
Rental Increases Approved for 2023 Include $50 for Existing Tenants and $150 for New Tenants, Supporting Increased Cash Flow for Year One
3.
The Property is Currently Operating at a $500+ Discount to Nearby Market Rate Properties and the LIHTC Restrictions Set to Expire at the End of 2030
4.
Mecklenburg County has Experienced Excellent FMR Growth on One, Two, and Three Bedrooms with an Overall Increase of 34.89% Since 2017
Well-Located Property Just 21 Miles North of Charlotte and Within a Mile of Davidson College
EXECUTIVE SUMMARY
The Bungalows is a 32-unit affordable housing community located in Davison, NC. The property is conveniently located near major retail venues that include Harris Teeter and Earth Fare. Also nearby are dining, parks, schools, including Davidson College, and major transportation arteries. Davidson is located twenty miles north of Charlotte, providing residents with a plethora of additional shopping, dining, entertainment, and employment opportunities.
The property was built and placed in service in 2000 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 50% of Area Median Income (AMI) limits, which are provided by the North Carolina Housing Finance Agency. The property is beyond its initial compliance period and the LIHTC Restrictions are set to expire at the end of 2030. Additionally, the Deed conveying the land from The Town of Davidson to The Davidson Housing Coalition (dated 1999) imposes a perpetual affordable housing requirement that runs with the land and does not have an expiration.
The Bungalows is comprised of one, two, and three bedroom units featuring spacious floor plans, large closets, in-unit washer and dryer, and a private patio*. Kitchens are equipped with a range, refrigerator, and dishwasher, and two-bedroom apartments also include a walk-in pantry. The community offers residents a community room with planned activities, a computer center, exterior storage closets, and guest parking.
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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/.
328 Jetton Street – Davidson, NC 28036
Brandon Grisham
Senior Managing Director
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT SALES
SEATTLE OFFICE
601 Union St.
Suite 3909
Seattle, WA 98101
Charleston Office
774 South Shelmore Boulevard
Suite 105
Mount Pleasant, SC 29464
Affordable Housing
MARK BOYCE
Managing Director
Affordable Housing
843.628.3765
mark.boyce@berkadia.com
CALEB TROOP
Managing Director
Multifamily
314.607.3481
caleb.troop@berkadia.com
26,484
SQ FT
Doc Center
Mike Terry
Associate Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
THE BUNGALOWS
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/.
328 Jetton Street – Davidson, NC 28036
GALLERY
INVESTMENT HIGHLIGHTS
Visit Doc Center
Contact Us
EXECUTIVE SUMMARY
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Contact
Doc Center
Privacy
Terms of Use
The Opportunity
THE BUNGALOWS
The Opportunity
5.
The Property is Located in a High-Income Area with the Median Household Income Over $92,000 within 1 Mile of the Property and Over $94,000 within 3 Miles of the Property
*in select units