Elk Creek Senior Apartments

960 Martha Avenue, Idaho Falls, ID 83404
Status: Closed
Year Built: 2003
Price: UNPRICED
# of Units: 60
# of Buildings: 1
# of Stories: 2
Rentable SF: 38,304
Lot Size: 2.25 Acres
Density: 26.67 Units/Acre

Quick Stats:

  • Senior LIHTC Property with Current Occupancy of 100%
  • AMI Growth of Over 10% in Past Two Years
  • Current Asking Rents for 60% AMI Units Below Market
  • June 2018 Unemployment Rate in Idaho Falls was 2.4%

Description:

Elk Creek Senior Apartments is a 60-unit affordable housing community for seniors ages 55 and older located in Idaho Falls, ID. The property is in close proximity to Eastern Idaho Regional Medical Center, various medical offices, and the Grand Teton Mall.

The property was placed in service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 30%, 40%, 50%, and 60% of Area Medium Income (AMI) limits, which are provided by the Idaho Housing and Finance Association. The property is beyond its initial tax credit compliance period.

Elk Creek is comprised of one and two bedroom apartment homes. Residents benefit from amenities such as a community room, daily activities, covered parking, picnic area, garden area, fitness center, on-site laundry facilities, patio/balconies, extra storage area, large masters, and emergency cords for additional security.

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