Fern Ridge Place

1309 Fern Street Southwest, Olympia, WA 98502
Status: Available
Year Built: 1994
Price: UNRPRICED OFFERING
For more information please contact:
brandon@lihtcadvisors.com
# of Units: 99
# of Buildings: 16
# of Stories: 3
Rentable SF: 76,809
Lot Size: 2.87 Acres
Density: 34.49 Units/Acre

Highlights:

  • Market Rents $150-$175 Above Maximum Allowable Tax Credit Rents
  • Low Income Housing Tax Credit Restrictions Expire in 2024
  • Fern Ridge Place has Experienced a Strong Occupancy, Above 95% Over the Last Two Years
  • Nearby Recreational Opportunities Include the Cascade and Olympic Mountains, South Puget Sound, Mount Rainier National Park, Pacific Ocean Beaches, and Olympic National Park
  • Major Employers in the Area Within Two Miles of the Property Include the Washington State Capitol, Capital Mall, and South Puget Sound Community College

Description:

Fern Ridge Place Apartments is a 99-unit affordable housing community located in Olympia, WA. The property is situated west of Capitol Lake with close proximity to US Route 101. Retail opportunities and amenities are located within one mile of the property that include Haggen Food & Pharmacy, Trader Joe’s, and the Capital Mall. Intercity Transit bus stops are located less than half a mile from Fern Ridge Place along 9th Avenue SW. Major employers Capital Medical Center and South Puget Sound Community College are less than two miles from the property. Residents are also less than two miles south of both Garfield Elementary School and Jefferson Middle School. Ranked as the 17th best high school in the state by U.S. News & World Report, Olympia High School is just over four miles southeast of Fern Ridge Place.

The property was built and placed in service in 1994 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 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is beyond its initial tax credit compliance period.

Fern Ridge Place offers one, two, and three bedroom floorplans with well-equipped kitchens with a dishwasher and pantry, a linen closet, built-in shelving, and washer and dryer connections. The community offers amenities such as an on-site leasing office, resident lounge with fireplace, television, and kitchen, a fitness center, sauna, and multiple on-site laundry facilities.

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