2333 SE 130th Ave
Property Description
Lincoln Woods Apartments is a 70 unit 2007-built apartment, comprised of a rare mix of 1, 2, 3, 4, and 5 bedroom units. The complex includes an onsite management office, a laundry room, and a community room. The project has a courtyard with playground. All units are equipped with an oven/range combination with overhead fan, dishwasher, and refrigerator/freezer. The three-bedroom, four-bedroom, and five-bedroom units have a washer and dryer. All of the units have electric baseboard heaters and no air conditioning. All units have their own electric hot water heater. All units have a deck or patio. All units and common areas have a sprinkler fire protection system. Reviewing the information in the shared file, the project is subject to a separate Regulatory Agreement with the City of Portland (Portland Development Commission) that contains AMI restrictions at 30%/40%/50%/60% AMI. This agreement comes with a term of 60 years (effective through 2067), and does not mention that the restrictions would go away following a foreclosure. While the LIHTC LURA likely would expire upon foreclosure, these restrictions would likely continue on for another 40+ years, so there is no ability to go through the Qualified Contract Process, deregulate units and convert to market rate. Separately, running the proforma NOI through a LIHTC re-syndication model supports a negative 4% value and a 9% value of $1,200,000, which is inferior to a yield execution. Unfortunately, the project is just outside of a QCT, so no basis boost.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,300,000 |
| No. of Units: | 70 |
| Year Built: | 2007 |
| Lot Size: | 2.06 Acres |
| Opportunity Zone: | No |
| Price per unit: | $32,857 |
| Property Website | Click Here |
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