The Oaks - 56 Affordable Units

Multi-Family for Sale
Catylist Listing ID: 30852875
Property Subtypes: Low-Rise/Garden
Number of Units: 56 Units
Building Size (RSF): 56,357 SF
Gross Land Area: 3.66 Acres
Sale Price: $3,900,000
Unit Price: $69,642.86 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: The Oaks Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/4/2024

Overview / Comments

NAI Latter & Blum is pleased to exclusively offer the opportunity to acquire The Oaks in Lake Charles, LA. This newly renovated 56 unit LIHTC (Low Income Housing Tax Credit) apartment community is being offered free and clear of any existing debt. The Oaks is currently leasing up after undergoing full blown renovations as a result of storms in the area. The property is operated under Section 42 LIHTC restrictions and becomes a full market rate property at the end of 2030. The property coming out of the extended compliance period gives investors ample room to add value over the course of the hold period. Below are key points regarding this opportunity

Key Deal Points

-91% Occupancy as of March 1, 2024

-56 newly renovated units which include new granite counter tops and new roofs all completed in 2022/2023.

-Located in a growing market with solid economic drivers such as petrochemical industry (LNG export hub), gaming industry, local universities (McNeese State and SOWELA Technical College), and aviation industry (Chennault International Airport and Lake Charles Regional Airport.

-New HVAC units in 52 of the 56 units.

-Over 137,000 population within a 15 minute drive time of the property.

-Attractive unit mix of 1, 2, 3 and 4 bedroom units.

-Average unit size of 1,006 SF.

-Average Monthly Pro Forma Rent Per Unit of $882

-Units offer open floor plans, large closets, and over sized bathrooms

-All units are individually metered for ALL utilities which Tenants are responsible. This allows the Owner to keep expenses lower than competing assets.

-All units feature washer/dryer connections.

-Expiration of the Initial Compliance Period: 2015.

-Expiration of the Extended Compliance Period: 2030

-Property is currently QC eligible

-In 2030, the property will be a market rate asset with no rent restrictions.

-The Oaks has been successful in their lease up and expect their occupancy to grow in the coming months. Current Occupancy: 73%

-2004 construction.

2- & 3 story garden style external walk ups.

Asking Price:
$3,900,000

see the below link to access the OM and Due Diligence

https://www.crexi.com/properties/1206350/louisiana-the-oaks?openDueDiligence=open

Additional Details

Nearest MSA: Lake Charles
County: Calcasieu
Tax ID/APN: 01344281
Zoning: BUSINESS
Percent Occupied: 91%
Community Amenities: On-Site Maintenance
Total Number of Buildings: 6
Property Condition: Excellent
Year Built: 2004
Year Renovated: 2022
Roof Type: Arched
Construction/Siding: Brick/Vinyl Siding
Parking Type: Surface
Total Parking Spaces: 112
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Other
Zoning Description: Business
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,358 45,052 84,864
Median Age: 37.61 37.33 36.69
Households: 2,473 18,042 33,737

Contact

Photograph of Listing Agent

Christopher M Gremillion

NAI/Latter & Blum Commercial Baton Rouge Baton Rouge, LA 70806
LACDB Member
Photograph of Listing Agent

Hunter Harris

NAI/Latter & Blum Commercial Baton Rouge Baton Rouge, LA 70806
LACDB Member
Photograph of Listing Agent

Joel M Davidson, CCIM

NAI/Latter & Blum Commercial Lake Charles Baton Rouge, LA 70806
LACDB Member
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