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1 Willow Point Dr. - Jackson Township, NJ 08527
PROPERTY Stats
100
UNITS
2004
Year Built
102,663
sF
PROPERTY OVERVIEW
Willow Point at Vista Center is a 100-unit affordable housing community located in Jackson Township, NJ. The property is conveniently located just off I-195, a short distance from the NJ Turnpike and the Garden State Parkway, offering an easy commute to New York City, as well as shopping and recreational activities within the area.
The property was built and placed in service in 2004 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 the Area Median Income (AMI) limits, which are provided by the New Jersey Housing and Mortgage Finance Agency.
Willow Point at Vista Center consists of spacious one, two, and three bedroom floorplans that include fully equipped kitchens with energy efficient appliances, washer & dryer connections, and a patio/balcony. The community provides residents a comfortable lifestyle with on-site amenities, including a laundry facility, computer lab, playground, professional management, and 24-hour emergency maintenance.
The current rent levels are at a $750+ discount to comparable market rate properties, resulting in low historical turnover
The Jackson Premium Outlets, Six Flags Great Adventure & Wild Safari, and major retailers are all located near the property
The property is located in an affluent area of New Jersey, with a median household income of over $110,000 within a 3 mile radius
Ocean County has seen excellent growth in the LIHTC rent and income limits, with an 18.5% increase from 2021 to 2023
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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/.
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8th Floor
Morristown, NJ 07960
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
Nat Gambuzza
Senior Managing Director
Multifamily
973.809.1755
nat.gambuzza@berkadia.com
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Suite 3909
Seattle, WA 98101
SEATTLE OFFICE
INVESTMENT ADVISORS
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
Associate Director
614.796.0218
garret.mater@berkadia.com
Garret Mater
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com
Matthew Napoleon
MORTGAGE BANKERS
Associate Director
614.796.0218
garret.mater@berkadia.com
Garret Mater
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com
Matthew Napoleon
MORTGAGE BANKERS