CONNEMARA APARTMENTS
CONNEMARA APARTMENTS
  • Well Built in 2000
  • Effective Rents on Track to Increase by 3.27% in 2012
  • Within Miles to Interstate 80 and University of Wyoming
  • Located in Attractive Neighborhood Close to Schools, Restaurants, and Retail
  • Less Than Two Hours to Denver, CO
  • Upside in Rents; Current Rents Below Market and LIHTC Max Net Rents Allowable

2110 Binford Street
Laramie, WY 82073

  • Status: Closed
  • Price: $1,650,000
  • # of Units: 48
  • Rentable SF: 47,088
  • Price per Unit: $34,375
  • Price per SF: $35.04
  • Year Built: 2000
  • # of Buildings: 5
  • Lot Size: 2.88 Acres
  • Density: 16.66 Units / Acre
  • # of Stories: 3
  • Description:

    • Connemara Apartments is a 48-unit apartment community located in Laramie, Wyoming. The asset presents an opportunity to purchase a performing property in a market that has a nationally recognized research university that draws over 20,000 students, staff, and faculty from all 50 states and more than 90 countries. The property has a high historical occupancy and is on track to show an effective rent increase of 3.27% in 2012. Ideally located, Connemara is close to Interstate 80 and the University of Wyoming campus. In addition, the property is within minutes to schools, restaurants, and shopping.

      Connemara was built and placed into service in 2000 under the Section 42 Low-Income Housing Tax Credit program (LIHTC) and is still within its initial tax credit compliance period which ends on December 31, 2014. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than income limits which are provided by Wyoming Community Development Authority (WCDA). Please see the Tax Credit Property Income and Rent Limits page for further details. The qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of the regulatory agreement and any extended use periods.

      Residents benefit from a multitude of amenities including community clubhouse, exercise room, playground, and garages. Unit amenities include full appliance package, walk-in closet, extra storage, and private patio/balcony. The owner pays water, sewer, and trash expenses.

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