Low Income Housing Tax Credit Opportunity

SKYLINE VILLAGE APARTMENTS Phase I and II Brookside Investment Sales is pleased to present the exclusive opportunity to acquire Skyline Village Apartments Phase I; an 80-unit, 9% LIHTC community placed in service in 2003. Phase II built in 2012 is a 24 unit addition for a total 104 Units. Skyline Village is located approximately 20 minutes northeast of downtown Nashville in a predominantly residential neighborhood. As a LIHTC community it can capture the strong demand in the Nashville area for affordable housing. As a demonstration of the strong demand and increasing market rents, HUD approved a 7.5% increase in the Allowable Rents in October 2019.

Opportunity to buy at a price well below replacement cost.
Stabilized 104-unit LIHTC community located in Nashville, TN.
Initial 20-Year Tax Credit Compliance Period Ends January 1, 2023 for PH I; in addition it has a 10 year LURA extension; a 15 Year compliance period in 2027 for Ph II
Term of the LURA Agreement extend each “compliance period” by 10 years Do they end simultaneously?
Low vacancy, Strong Operations
New Assumable Freddie Mac loan in place with 4.55% interest rate; 10-Year Term maturing in May, 2029.
Eleven Buildings in Phase I are two-story with breezeways; Two buildings in phase II are 3-story
Low density development at 10 units per acre
With a low density development of 10 units per acre, the site plan provides attractive outdoor areas for adults to walk and for children playground equipment