Pioneer Park Apartments

401 East Elm Street, Connell, WA 99326
Status: Available
Year Built: 1996
Price: $2,750,000
For more information please contact:
jeff@lihtcadvisors.com
Price Per Unit: $53,922
Price Per SF: $56.43
# of Units: 51
# of Buildings: 7
# of Stories: 2
Rentable SF: 48,733
Lot Size: 4.70 Acres
Density: 10.85 Units/Acre

Highlights:

  • Connell is Approximately 45 Minutes North of the Tri-Cities (Kennewick, Richland, and Pasco) in Southeast Washington
  • Franklin County AMI’s Increased by 19% from 2017 to 2020
  • Low Income Housing Tax Credit Restrictions Expire in 2036
  • Multi-Family LIHTC Property Adjacent to Pioneer Park and Conveniently Located Near Schools, with Easy Access to Highway 295
  • Rents are Below Max Net Rents on the 60% Units

Description:

Pioneer Park Apartments is a 51-unit affordable housing community located in Connell, WA, adjacent to Pioneer Park. The property is comprised of two, three, and four bedroom apartments homes that come standard with energy efficient appliances, a patio/balcony, washer & dryer connections, an extra storage space, air conditioning, and high speed internet access. Community amenities include a playground and an on-site laundry facility.

The property was built and placed in service in 1996 under the 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 50% and 60% of Area Median Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. The property is beyond its initial tax credit compliance period.

Connell is a vibrant rural community in Eastern Washington with an estimated population of 5,566.

The primary industrial base is food processing, agricultural chemicals, and a minimum and medium-security correctional facility that is capable of holding 2,600 offenders.

Franklin County is included in the Kennewick-Richland, WA Metropolitan Statistical Area and is approximately 45 minutes away. The Tri-Cities (Kennewick, Pasco, and Richland) is home to several institutions of higher education, including:

- Washington State University Tri-Cities, a four-year branch campus of Washington State University located in Richland (2,000 students).
-Columbia Basin College, a two-year institution which offers a four-year Bachelor of Applied Science program in Applied Management (8,000 students). The main campus is located in Pasco while a branch campus and a nursing school are located in Richland.
-Tri-Tech Skills Center, a smaller vocational school run by the Kennewick School District and located in Kennewick.
- Charter College, located in Pasco offering technical and medical programs such as Medical Assisting, Dental Assisting, and HVAC.

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