- Constructed in 1992
- New Hardiplank Siding & Roofs
- Opportunity to Gain Ownership in Low Sales Velocity Market
- Easy Access to Interstate 5
- Less Than One Hour to Portland, OR and Vancouver, WA
- Conveniently Located to Shopping Lower Columbia College, and
- Current Note Must be Assumed
5607 Finch Drive
Longview, WA 98632
Hidden Creek, a 100-unit apartment community in Longview, WA, presents an appealing opportunity to acquire a recently improved property with great assumable debt in place. The current owner has recently made material cosmetic exterior improvements to the property including the installation of new roofs, new hardiplank siding, exterior paint, decks/posts, landscaping, and many other repairs and upgrades. With many older properties in the surrounding area, there is an excellent opportunity to provide the market rate tenants with immediate access to a property with a "newer" standard of living.
Constructed in 1992 under the Section 42 LIHTC Program, the property exited the program in 2009 and is no longer required to income qualify prospective tenants. A new owner can take advantage of this repositioning feature to seek higher rents from market rate tenants for vacant units and as units currently occupied by low-income tenants become available. Please note that until May 1, 2012 the rents of the remaining low-income tenants cannot exceed the gross rents permitted under the Section 42 program. However, these tenants can be given rent increases as long as the rental rate is no more than the max allowed under the program. At this time, there has been no impact on the rent schedule of Hidden Creek from the rent restrictions because maximum permissible rents exceed current market rents.
Hidden Creek is comprised of 12 one bedroom, 72 two bedroom, and 16 three bedroom apartment homes. Residents benefit from a variety of amenities including a central laundry room, recreation lounge with wood-burning fireplace, patio, and BBQ area, and a sheltered children’s play area. The property has enclosed parking garages and covered carports. The spacious apartments feature well designed floorplans, appliance packages, private patios or balconies, and washer / dryer hookups in select 2BD and all 3BD floorplans.