Northparke Apartments I & II

175 East 12th North, Mountain Home, ID 83647
Status: Closed
Year Built: Phase I: 2001; Phase II: 2004
Price: $4,000,000
For more information please contact:
jeff@lihtcadvisors.com
Price Per Unit: $50,000
Price Per SF: $45.21
# of Units: 80
# of Buildings: 11
# of Stories: 2
Rentable SF: 88,468
Lot Size: 5.75 Acres
Density: 13.91 Units/Acre

Highlights:

  • Strong AMI Growth in Elmore County with a 14.25% Increase Since 2016
  • Mountain Home is Located 45 Minutes from Boise
  • Excellent Rental Growth with Fair Market Rents Having Increased by Over 15% Since 2016
  • The City is Home to Mountain Home Air Force Base, One of the Largest Employers in the Area

Description:

Northparke Apartments I & II is a 80-unit mixed income housing community located in Mountain Home, ID. The property is within minutes from schools, healthcare, Interstate 84, Highway 20, and shopping venues such as Walmart, Albertsons, and Maurices.

Northparke I was built and placed into service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires at least 34 units to be rented to income qualifying residents earning no more than 30%, 40%, 50%, and 60% of Area Median Income (AMI) limits, which are provided by the Idaho Housing and Finance Association. The remaining units are unrestricted. The property is beyond its initial tax credit compliance period and has extended use restrictions until 2040.

Northparke II was built and placed into service in 2004 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 Median Income (AMI) limits, which are provided by the Idaho Housing and Finance Association. The property is beyond its initial tax credit compliance period and has extended use restrictions until 2043.

Northparke Apartments I & II offers 1, 2, 3, and 4 bedroom apartment homes with open floor plans which include large closets, washer/dryer hook ups, full kitchen appliances, and central air conditioning/heat. For those with an active outdoor lifestyle there is a playground, basketball court, and picnic and barbecue areas. Residents can enjoy the use of a fitness room, business center, on-site laundry facilities, and a large community room.

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