Multiple

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Address: Kentucky, USA
Atlanta & Southeast + Apartment Buildings
Created date: October 26, 2026
Date last updated: October 26, 2026
  • Bella Gardens Apartments
  • Government-backed cash flow. Approximately 73% of rental revenue is paid directly by HUD through the HAP contract, insulating income from local economic cycles.
  • Inflation-protected rents. Contract rents adjust annually by the HUD Operating Cost Adjustment Factor (OCAF) — they have grown roughly
  • 2.7%/year since the 2003 restructuring.
  • Durable runway. The HAP contract and the recorded 30-year Use Agreement both run through 2033, with project-based Section 8 in rural markets historically renewing.
  • Near-full occupancy. 83 of 84 units occupied (98.8%); waitlist dynamics typical of rural PBS8.
  • Two clear value levers. An elevated in-place expense load and a HUD subordinate-debt structure each present a defined path to improved economics.
  • Mountain Breeze
  • Government-backed income. 100% project-based Section 8; HAP subsidy represented ~77% of revenue over the trailing twelve months, minimizing collection risk and market-rent exposure.
  • Assumable, deeply sub-market debt. ~2.1% blended across the stack; the must-pay first mortgage is only ~$415K, with ~$1.32M of principal carried at 0–1% as soft HUD notes due at the 2033 horizon.
  • Contracted through 2033 — and renewable. HAP, Use Agreement, and first mortgage all mature together in 2033; the owner has pre-agreed to accept qualifying HUD renewal/extension offers.
  • Efficient, in-line operations. ~$6,250 per-unit operating cost sits mid-range for LIHTC/Section 8 assets, with rents adjusted annually by HUD’s OCAF.

Property Description

An exceptional multifamily investment opportunity offered across multiple addresses, this portfolio provides investors with immediate scale and diversified income potential. The property is well suited for a value-add or long-term hold strategy, with individual units designed for efficient management and stable occupancy. Bella Gardens Apartments is an 84-unit, garden-style project-based Section 8 community in Middlesboro, Kentucky. Built as Section 8 New Construction around 1983, it has operated continuously under a HUD Housing Assistance Payments contract and today runs at 98.8% occupancy with essentially guaranteed demand. Mountain Breeze Apartments, a 99-unit affordable housing community in Jenkins, Letcher County, Kentucky. Every unit is covered by a single project-based Section 8 Housing Assistance Payments (HAP) contract, providing a durable, government-backed income stream contracted through September 2033, with a built-in path to renewal thereafter.
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Broker Details

Christopher R. Scanlan
Christopher R. Scanlan

The LIHTC Group 800-913-8382

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Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 183
Opportunity Zone: No
Property Website Click Here
Address: Multiple , Multiple, KY Multiple, USA
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