Catylist ID:
#30852875
| 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: | $4,050,000 |
| Unit Price: | $72,321.43 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: | 9/19/2023 |
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 -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 is currently in leased up with 25 leases completed in a few short weeks since lease up started. Occupancy is currently at 46%. -2004 construction. 2- & 3 story garden style external walk ups. Asking Price: $4,050,000.00 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: | 46% |
| 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 |
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
Christopher M GremillionNAI/Latter & Blum Commercial Baton Rouge Baton Rouge, LA 70806LACDB Member |
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