401 W 24th St
- Clear Path to Market-Rate: Immediate eligibility to submit a Qualified Contract (QC) and enter a 3-year decontrol period, allowing the property to exit the LIHTC program and transition to 100% unrestricted market-rate operations.
- Significant Revenue Upside: Strong potential annual rent growth per by closing the gap between current effective rents and maximum allowable rents, while introducing market-rate tenants upon turnover.
- Premier Market Fundamentals: Located in a top-performing, fast-growing national submarket driven by higher education, healthcare, technology, and major corporate logistics.
- Comprehensive Community Amenities & Unit Features: Offers residents 24-hour controlled access, a clubhouse, laundry facilities, a playground, on-site property management, and smoke detectors. Well-equipped floor plans include air conditioning, ceiling fans, tile floors and carpet, heating, cable readiness, and full kitchens with a dishwasher, refrigerator, oven/range, and disposal.
Property Description
SVN | AVAT is pleased to present Grandview Apartments, a 129-unit garden-style multifamily community located in Fayetteville, Arkansas. Built in 1974, the property was rehabbed in 2004 using tax credits. The unit mix features a well-balanced combination of one-, two-, and three-bedroom floor plans averaging 822 square feet, providing functional living spaces that appeal to a broad demographic of students, professionals, and families. Grandview presents a highly compelling value-add opportunity. Operating as a Low-Income Housing Tax Credit (LIHTC) asset with an expired initial 15-year compliance period, the property is immediately eligible for a Qualified Contract (QC). This provides experienced buyers a direct path to enter the three-year decontrol period and ultimately transition the community to fully unrestricted, market-rate operations. New ownership can capture significant revenue upside by closing the gap to maximum allowable rents and gradually introducing market-rate leases upon turnover. This investment profile is further bolstered by excellent leasing momentum, with physical vacancy recently declining to just 8%. Strategically positioned in one of the nation's fastest-growing metropolitan regions, the asset benefits from Fayetteville’s premier market fundamentals. The local economy provides continuous housing demand, powerfully anchored by the 34,000-student University of Arkansas and a robust corporate corridor that houses Fortune 500 leaders Walmart, Tyson Foods, and J.B. Hunt. Offering immediate access to Interstate 49, as well as the vibrant dining, retail, and cultural amenities of the nearby Dickson Street entertainment district, Grandview Apartments represents a well-located, income-producing asset positioned perfectly for long-term value realization.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 129 |
| Year Built: | 1974 |
| Lot Size: | 11.81 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout