Meadow Park

• PROVEN OPERATIONS: Meadow Park has a track record of efficient operations, quality asset management, minimal vacancy and loss-to-lease after each annual AMI increase, proving long-term demand.
• LOCATION & CONDITION: Meadow Park is positioned in the heart of Kennewick, within 1 mile of a high school, middle school, grocery store, major employers, and on a major bus line.
• TAX EXEMPTION: With 100% of the units dedicated to Affordable housing, and through a partnership with Hearthstone Housing Foundation, the property is exempt from property taxes, providing additional cash flow benefits during the Extended Use period.
• STABLE MARKET: Tri-Cities is a thriving market that continues to expand. It is one of the few markets in the Inland Northwest that hasn’t experienced declining rents in 2023.

Property Description

Meadow Park is an ideally located 155-unit affordable multifamily community in Kennewick, WA. Originally built in 1985, the property was substantially renovated in 2007-08 at which time it was placed into the Low Income Housing Tax Credit program. Since then, the property has been well-maintained and capital improvements have been made, such as replacing all electrical panels in 2023.Consisting of 1-bed and 3-bed units, Meadow Park features property amenities including an outdoor pool, leasing office, family-friendly playground, outdoor grills, and more. In addition, the property is close to major employers such as the new Kennewick School District building and downtown Kennewick amenities, shopping, and more.The property has a long track record of occupancy, reporting 97.2% on the trailing 12-month financials. There is current upside on the rent roll due to the 2023 rent limit increase of +18% for Benton County.