PALISADES PARK APARTMENTS
PALISADES PARK APARTMENTS
  • Well Below Replacement Cost
  • Close to Eastern Idaho Technical College
  • Less Than 0.5 Miles to Grand Teton Mall
  • Great Access to Shopping, Restaurants, and Public Transit
  • High Occupancy Market
  • Idaho Falls Voted Best Place to Raise Your Kids by BusinessWeek in 2010

 

1451 Falcon Drive
Ammon, ID 83406

  • Status: Closed
  • # of Units: 64
  • Rentable SF: 59,200
  • Year Built: 1996
  • # of Buildings: 8
  • Lot Size: 4.49 Acres
  • Density: 13.94 Units / Acre
  • # of Stories: 2
  • Description:

    • Palisades Park is a 64-unit apartment complex located in the Idaho Falls/Ammon, ID area. This property presents an outstanding opportunity to purchase a well-located property in a market where multi-family assets do not trade very often. Also, there is an opportunity to improve cash flow through a more local, hands on management strategy.

      The subject property was constructed in 1996 and is currently part of the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an extended use agreement in place which requires the units to be rented to residents earning no more than 30% and 60% of the local Area Median Income (AMI). Rents are below the maximum levels allowed by the program. The qualified purchaser can be a nonprofit or for-profit entity that agrees to maintain the affordable housing units and fulfill all requirements of an existing extended use agreement.

      Residents benefit from a multitude of amenities including a children’s playground, covered parking, and on-site laundry facilities. Apartment features include private patios/balconies, energy efficient appliances, and washer/dryer connections in all of the units.

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