Boomer Creek Apartments I & II

320 East McElroy Road, Stillwater, OK 74075
Status: Available
Year Built: 2005 & 2009
Price: UNRPRICED OFFERING
For more information please contact:
jeff@lihtcadvisors.com
# of Units: 108
# of Buildings: 9
# of Stories: 3
Rentable SF: 91,426
Lot Size: 11.88 Acres
Density: 9.09 Units/Acre

Highlights:

  • LIHTC Property with Excellent Connectivity to Shopping, Dining, Entertainment, and Located Just 1.5 Miles from Oklahoma State University
  • Oklahoma State University Plays a Significant Part of Stillwater’s Overall Economy with More Than 20,000 Students, 5,500 Personnel, and a Focus on Research and Technology
  • Stillwater has Economic Clusters in Aerospace, Agribusiness, Biotechnology, Printing and
    Publishing, Software, and Standard Manufacturing
  • Excellent Rental Upside with the Majority of Units having 30% and 50% Set-Asides and Currently Receiving Well Below the Maximum Allowable

Description:

Boomer Creek I & II is a 108-unit apartment community located in Stillwater, OK. Phase I is comprised of 64 affordable apartments and Phase II is comprised of 44 affordable apartment units. The property is conveniently located close to an abundance of shopping, Highway 177, and Oklahoma State University.

Phase I was built and placed in service in 2005 and Phase II was built and placed in service in 2009 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 30%, 50%, 50% HOME, & 60% of Area Median Income (AMI) limits, which are provided by the Oklahoma Housing Finance Agency. Phase I of the property is beyond the initial tax credit period and Phase II is still within the initial tax credit compliance period.

Every apartment features spacious living areas, fully-equipped kitchens, extra storage space, private patios/balconies, and washer/dryer connections. The community offers a refreshing swimming pool, a playground, inviting clubhouse, on-site laundry facility, on-site leasing office & maintenance, and fitness center.

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