50 School Highlands Rd
- Built in 1998 | 40 Units | 41,200 Rentable FT²
- Opportunity to acquire a LIHTC asset approaching the end of its Extended-Use Period (2027) at a significant discount to current replacement costs.
- The property's LIHTC restrictions are set to burn off in 2027, clearing a fast-approaching path to fully transition the property to market-rate rents.
- Well designed & constructed, the property features a highly desirable unit mix of spacious 2 and 3 bedroom apartments.
- Interior & site level renovations can take place concurrently offering a rapid return as a completely refreshed property.
Property Description
Presenting Heatherton Apartments, a 40-unit multifamily community located at 50 School Highlands Rd in Greenville, Alabama. Built in 1998, this 41,200-square-foot property offers a rare and highly attractive repositioning opportunity for visionary investors. Heatherton is an LIHTC property, with restrictions set to burn off in 2027, clearing a fast-approaching path to fully transition the property to market-rate rents. Heatherton Apartments is perfectly positioned for a highly profitable rehabilitation. The property serves as a true "blank slate," granting new ownership immediate operational control to execute a comprehensive turnaround strategy without the logistical challenges, timelines, or lost income associated with tenant relocations. The asset currently requires a specialized capital improvement plan and targeted site-level resolutions to bring the property back online. Because the property is entirely vacant, an investor has the unique advantage to execute these site-level requirements concurrently with modern interior unit renovations, allowing the asset to re-enter the market rapidly with a completely refreshed, superior product. (Note: Full details regarding the asset's current condition and the specialized scope of work required are available in the Offering Memorandum upon execution of the Confidentiality Agreement.)
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 40 |
| Year Built: | 1998 |
| Opportunity Zone: | No |
| Property Website | Click Here |
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