The Oaks I & II

1911 North Kennedy Street, Jerome, ID 83338
Status: Closed
Year Built: 2007 - 2009
Price: CONTACT AGENT
# of Units: 84
# of Buildings: 42
# of Stories: 1
Rentable SF: 92,820
Lot Size: 12.25 Acres
Density: 6.86 Units/Acre

Highlights:

  • Well Maintained, Two-Phase LIHTC Property With a PIS Date of 2008 & 2009
  • 3 Bedroom Duplex Style Homes with Attached Double Car Garages
  • Less Than Two Hours from Boise, ID
  • GP Acquisition Opportunity- Property Still Within Credit Delivery Period

Description:

The Oaks Apartments I & II is an 84-unit affordable housing community located in Jerome, ID.  Jerome is located 15 minutes from Twin Falls, ID and less than two hours Boise, ID.  The property has a low historical vacancy and currently is 100% occupied (as of May 2017).

The Oaks Apartments I was built and placed into service in 2007 and 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with Idaho Housing and Finance Association, which requires all units to be rented to income qualifying tenants earning no more than 35%, 45%, and 55% of the Area Median Income. The Oaks Apartments II was built and placed into service in 2008 and 2009 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with Idaho Housing and Finance Association, which requires all units to be rented to income qualifying tenants earning no more than 35%, 40%, 45%, 50%, and 55% of the Area Median Income. The property is still within the credit delivery period and the initial 15-year tax credit compliance period. A qualified purchaser can be a non-profit or for-profit entity that agrees to acquire the GP Interests of both phases and to fulfill the obligations to the existing LP investor, current lender, and IHFA affordability restrictions.

Residents benefit from 3 bedroom floor plans with full appliance package, washer and dryer hook-ups, attached two car garages with opener, and private fenced backyard. The community features a state of the art fitness center, basketball court, and playground.

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