893 New Beason Well Road

• 148 Units across 3 Properties in Eastern Tennessee equaling a total of 147,489 ft²
• 97% Occupancy
• Community amenities include picnic areas, on-site maintenance, and playgrounds.
• Positively leveraged in Year 1
• Greeneville, Johnson City, and Kingsport are all experiencing population growth which surpasses the national average of 0.5%.
• Current average effective rents are $852 across all three properties. We are proposing these rents be pushed to $941 in Year 1.
• Pushing effective rents towards maximum rents allowable would increase GPI by $257,067.

Property Description

This offering consists of three LIHTC Apartment Communities in Eastern Tennessee. The properties’ vintages range from 2003-2007 and are high quality, mostly brick buildings. This portfolio consists of a total of 148 units across three LIHTC Apartment Communities that are located in Greenrville, Johnson City, & Kingsport, TN, respectively. These properties offer investors a great opportunity to break into the affordable market in Eastern Tennessee with high quality assets. Current rents at this property are significantly below the maximum allowable rents set by the State of Tennessee, presenting substantial upside potential for Net Operating Income. This portfolio is currently operating at a deficit of more than 14% compared to max rents. Property Information: Beason Well | Kingsport, TN Beason Well Apartments is a 72-unit LIHTC property in Kingsport, TN. This is the largest property in this portfolio, with over 75,000 rentable square footage. Current occupancy is 95.8% and average rents are $847. Orleans Terrace | Johnson City, TN Orleans Terrace is a 36-unit property in Johnson City, TN. This property is the newest of the portfolio and offers modern amenities and updated features, making it an attractive asset within this Affordable portfolio. Blue Springs Village | Greeneville, TN Discover a compelling investment opportunity at this well-maintained, 37,023 SF multifamily property nestled in the desirable Greeneville area. Built in 2007, the property features 40 thoughtfully designed units, offering an attractive proposition for Multifamily & LIHTC investors.