Creekside Apartments

468 Park Street, Shelton, WA 98584
Status: Available
Year Built: 1999
Price: $1,850,000
For more information please contact:
jeff@lihtcadvisors.com
Price Per Unit: $102,778
Price Per SF: $113.69
# of Units: 18
# of Buildings: 2
# of Stories: 3
Rentable SF: 16,272
Lot Size: 0.77 Acres
Density: 23.38 Units/Acres

Highlights:

  • The Fair Market Rent for a 2 Bedroom Unit in Mason County has Increased by 12% Since 2018
  • Located in the Puget Sound Region of Washington, Less than 20 Miles North of the Capital, Olympia
  • A Project-Based HAP Contract was Moved to the Property Creating Significant Rental Upside as Can be Seen in the Trailing Financials
  • Shelton is Home to the Port of Shelton that is Critical to Washington State’s Regional Timber and Lumber Industry and is also Home to the   Fourth Largest Producing Sawmill in the U.S., Owned by Sierra Pacific Industries
  • Shelton Recently Qualified for a State Program that Allows Businesses Moving to the Area to be Exempt from Sales Tax on Construction and Industrial Materials Spurring More Industrial Growth to the Area

Description:

Creekside Apartments is an 18-unit affordable housing community located in Shelton, WA. Residents are conveniently located just down the street from Kneeland Park with easy access to the freeway and public transportation. The property is also close to local restaurants, the Shelton Cinemas, Safeway, and schools.

The property was built and placed in service in 1999 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is a regulatory agreement in place which requires 17 units to be rented to income qualifying residents earning no more than 30% & 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is beyond the initial tax credit compliance period. The property is also a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract became effective May 5th, 2002, and has a 20 year term. The contract covers 17 of the properties 18 units, with the remaining unit reserved for the on-site manager. New contract rents for the property were approved January 1st, 2020.

Residents benefit from community amenities such as 24-hour maintenance, on-site management, and a beautiful landscape with creek views. Creekside offers two, three, and four bedroom floorplans with full size washer & dryers, kitchens equipped with dishwashers, disposals, extra cabinet space, and refrigerators, as well as, extra storage

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