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Location:


Delaware

Property Type: Multifamily
Size: 172 Units
Price: See Broker for Details

Highlights:

  • 172 Units – 2 Property Project-Based Section 8 Offering in Wilmington and Newark, DE
  • 100% of the Units Covered Under Long-Term Section 8 HAP Contracts – Expiring in 2029 and 2033
  • Excellent Condition – 2009/2010 LIHTC Renovation – 87b and 91c REAC Scores
  • Located Just Off of I-95 – 30 Minute Drive to Philadelphia, 1 Hour Drive to Baltimore
  • Outstanding Financing Options – Offered Free and Clear or With Soft Debt Available for Assumption

Description:

Marcus & Millichap is pleased to present the opportunity to acquire Cheltenham Village Apartments and Clayton Court Apartments, two 100% Project-Based Section 8 affordable housing properties located in Newark and Wilmington, DE with a total of 172 units. These properties are being offered individually or as a package and without asking prices.

Cheltenham Village Apartments is a 100-unit affordable housing property located in Newark, DE. The property received an allocation of Low Income Housing Tax Credits pursuant to Internal Revenue Code §42 and is subject to rent and income restrictions for a minimum of 30 years. The Placed-in-Service year was 2011, the End of Initial Compliance Period is December 31, 2025 and the End of Extended Use Period is 2040. It benefits from a 100% Project-Based Section 8 rent subsidy contract, via a 20-year, Option 2, HAP Contract renewal in 2013. Cheltenham Village Apartments was built in 1983 and underwent LIHTC rehabilitation in 2011. It is comprised of 9 three-story buildings that rest on nearly 8 acres of land. Residents benefit from property amenities that include a community room with a kitchenette, laundry facilities, a computer room, social services, a playground and a basketball court. All units feature central conditioning. The property has an excellent unit mix, as 88% of the units are 2BR, 3BR or 4BR apartments. It is professionally managed and well-maintained as reflected by the October, 2018 REAC Score of 87b*. The property experienced less than 3% economic vacancy in 2018 & 2019. Cheltenham Village Apartments is located within 1 mile of Shop Rite Grocery, Giant Food, Dollar Tree, Dollar General, Walgreens Pharmacy, and US-40. It is within 2 miles of Christiana Mall, Target, Thurgood Marshall Elementary School, Food Lion, CVS Pharmacy, I-95, and US-13. The property is approximately 33 miles southwest of Philadelphia, PA.

Clayton Court Apartments is a 72-unit affordable housing property located in Wilmington, DE. The property received an allocation of Low Income Housing Tax Credits pursuant to Internal Revenue Code §42 and is subject to rent and income restrictions for a minimum of 30 years. The Placed-in-Service year was 2009, the End of Initial Compliance Period is December 31, 2024 and the End of Extended Use Period is 2039. It benefits from a 100% Project-Based Section 8 rent subsidy contract, via a 20-year, Option 4, HAP Contract renewal in 2009. The property is located in a Qualified Census Tract (130% basis) for Low Income Housing Tax Credit rehabilitation. Clayton Court Apartments was built in 1984 and underwent LIHTC rehabilitation in 2009. It is comprised of 9 three-story buildings that rest on nearly 2 acres of land. Residents benefit from property amenities that include a community center, laundry facilities and a playground. All units feature an individual entrance, a microwave, a dishwasher, hardwood floors and air conditioning. The property has an excellent unit mix, as 80% of the units are 2BR and 3BR apartments. It is professionally managed and well-maintained as reflected by the April, 2018 REAC Score of 91c. The property experienced less than 2% economic vacancy in 2018 & 2019. Clayton Court Apartments is located in the Little Italy neighborhood of Wilmington. It is within 1 mile of Saint Francis Hospital, William Lewis Elementary School, Pauda Academy, Save A Lot, ACME Markets, The Fresh Grocer of Adams Plaza, Walgreens Pharmacy, Rite Aid Pharmacy, and I-95. It is within 2 miles of Oak Park Junior High School and approximately 25 miles southwest of Philadelphia.


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