Englewood Garden Villas

3601 Fairbanks Avenue, Yakima, WA 98902
Status: Available
Year Built: 1990
Price: UNPRICED OFFERING
For more information please contact:
john@lihtcadvisros.com
# of Units: 256
# of Buildings: 17
# of Stories: 2
Rentable SF: 172,032
Lot Size: 11.62 Acres
Density: 23.57 Units/Acre

Highlights:

  • Located Close to Medical Buildings and Retail Amenities
  • Tourism is the Fastest Growing Segment of the Yakima Economy- Visitors Spend More Than $410 Million Each Year
  • Opportunity to Convert Existing Age Restricted Affordable Housing Property to Market Beginning in January 2022, Due to the Expiration of the Low Income Housing Tax Credit Regulatory Agreement
  • Excellent AMI Growth in the County with a 22.77% Increase Since 2016
  • Purchaser Can Obtain New Financing at an Attractive Rate and Terms with up to 10 Years of Interest Only Term
  • Average 2 Year Occupancy is 99.0%
  • Market Rents are $150-$300 Above the Restricted 45% and 60% Affordable Housing Rents

Description:

Englewood Garden Villas is a 256-unit affordable housing community for seniors ages 55 and older, located in Yakima, WA. The property is located close to Highway 12 & I-82 in a neighborhood designed for seniors with access to medical services, pharmacies, shopping, and restaurants.

The property was built in 1990 and placed in service in 1992 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 45% & 60% of Area Median Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. However, the property is at the tail end of its extended use period and the rent restrictions expire on 12/31/2021.

Englewood Garden offers one bedroom apartment homes featuring full kitchen appliance package, washer and dryer connections, and a patio/balcony with additional storage. Community amenities include a seasonal heated swimming pool, hot tub, business center, fitness center, beauty salon, garages and covered parking, and community room with billiards and resident activities.

Gallery

Map & Directions

Join Our Mailing List

6225 N. Meeker Place, Suite 210 Boise, Idaho 83713
PRIVACY POLICY
|
TERMS OF USE
Copyright © 2013-2018  LIHTC Advisors
phonemobilefax