| CREOP

Eagle Ridge Apartments presents a premier investment opportunity consisting of 104 residences in Flint, Michigan. Originally developed under the Low-Income Housing Tax Credit (LIHTC) program in 1999–2000, the asset has successfully transitioned past its initial 15-year compliance period. Currently operating within its extended-use phase, the property maintains high occupancy with units tiered at 30% to 60% AMI, generating a consistent monthly gross rental income exceeding $72,000. Beyond residential revenue, the property features a stabilized on-site daycare contributing an additional $36,000 in annual NOI. Investors benefit from immediate cash flow with the potential for Qualified Contract (to go market rate) filing in 2035.

Eagle Ridge is currently 98% occupied, underscoring the strong demand for high-quality rentals in the submarket. As a modern asset, the property boasts a streamlined expense profile, requiring only routine contractual upkeep. Investment appeal is further enhanced by a favorable utility structure: units feature individual HVAC systems with tenant-paid gas and electric. Management has recently demonstrated a commitment to asset preservation, investing $250,000 over the last six months in parking lot resurfacing and comprehensive security enhancements. Furthermore, a PILOT (Payment in Lieu of Taxes) program is in place, providing investors with long-term property tax certainty and protecting the bottom line post-acquisition. The property has a community center with a gym along with a pool for residents to use in the summer.

Exceptional Yield & Value-Add Potential Eagle Ridge is being offered at a highly competitive 8.2% going-in CAP rate, providing immediate, strong cash flow from day one. By optimizing the current rent roll—bringing all units to the maximum allowable 60% AMI levels and capturing the existing 15% market gap—a new owner can significantly drive NOI. Through these strategic adjustments, the pro-forma yield is projected to reach the high teens, offering an unparalleled return profile for a stabilized asset of this vintage.