Inwood Place Apartments

1501 South Loop 256, Palestine, TX 75801
Status: Available
Year Built: 1984
Price: UNPRICED OFFERING
For more information please contact:
jeff@lihtcadvisors.com
In Cooperation with:

Mike Elliott
Energy Real Estate Solutions, LLC
Managing Principal
701-713-6606
Mike.Elliott@Energyreco.com

# of Units: 128
# of Buildings: 8
# of Stories: 2
Rentable SF: 94,784
Lot Size: 9.85 Acres
Density: 12.99 Units/Acre

Highlights:

  • Strong FMR Growth in the County with a 19.49% Increase Since 2015 on One & Two Bedroom Units
  • The Largest Employer is the Texas Department of Criminal Justice, Employing More Than 3,900. Another 1,600 Work at the Two Wal-Mart Distribution Centers
  • Palestine is a Relatively Small Town Located in the Piney Woods, Equidistant From the Major Cities of Dallas, and Houston, Texas, and Shreveport, Louisiana
  • 83 of the 128 Units are Unrestricted

Description:

Inwood Place Apartments is a 128-unit affordable housing community located in Palestine, TX. The property is within minutes of schools, parks, major transportation arteries, and an abundance of shopping. A Walmart Distribution Center is just over a mile away from the property and one of the cities largest employers.

The property was built in 1984 and rehabbed and placed in service in 1993 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 45 units to be rented to income qualifying residents earning no more than 50% & 80% of Area Median Income (AMI) limits, which are provided by the Texas Department of Housing & Community Affairs. The property is beyond its initial tax credit compliance period.

The property consists of one and two bedroom apartment homes featuring ceiling fans, separate utility rooms with washer & dryers included*, a patio/balcony, refrigerator with ice maker, walk-in closets, and wood burning fireplace*. Residents enjoy a community swimming pool, on-site 24-hour emergency maintenance, pest control, professionally maintained grounds, on-site management, a clubhouse, and an on-site laundry facility.

*in select units

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