River Point Village Apartments

2595 Chief William Drive, Fairbanks, AK 99709
Status: Available
Year Built: 2004
Price: $1,250,000
For more information please contact:
jeff@lihtcadvisors.com
Price Per Unit: $48,077
Price Per SF: $53.53
# of Units: 26
# of Buildings: 4
# of Stories: 2
Rentable SF: 23,352
Lot Size: 1.31 Acres

Highlights:

  • The Property is Located within 15 Minutes to the University of Alaska Fairbanks, Fort Wainwright, and the Fairbanks International Airport
  • Home to the University of Alaska Fairbanks, Ranked No. 10 Among the World’s Best Small Universities in 2018
  • Fairbanks and Surrounding Area Economies Rely Heavily on Tourism and Cruise Ships Due to Close Proximity to the Northern Lights and the Arctic Circle
  • Strong Historical Occupancy with a 2018 Rate Above 95%

Description:

River Point Village Apartments is a 26-unit affordable housing community located in Fairbanks, AK. Residents enjoy the convenience of being near the IMAX theatre, restaurants, and shopping, as well as, the University of Alaska Fairbanks. Downtown amenities, the Fairbanks International Airport, and Fort Wainwright, a U.S. Army Garrison, are all within a 15 minute commute from the property.

The property was built in 2004 and placed in service in 2005 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 25 units to be rented to income qualifying residents earning no more than 50% & 60% of Area Medium Income (AMI) limits, which are provided by the Alaska Housing Finance Corporation. The remaining unit is reserved for the on-site manager. The property is still within its initial tax credit compliance period.

Residents benefit from community amenities such as an on-site leasing office and maintenance staff, on-site laundry facility, playground, a community room, computer center, and social services. River Point Village offers one, two, and three bedroom floorplans that come with kitchens equipped with energy star appliances, large closets, single car garages, and a patio/balcony.

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