The Reserves at Prairie Glen I & II

2515 South Ohio Street, Salina, KS 67401
Status: Closed
Year Built: 2005 & 2006
For more information please contact:
john@lihtcadvisors.com
# of Units: 96
# of Buildings: 8
# of Stories: 2
Rentable SF: 98,528
Lot Size: 6.19 Acres
Density: 15.51 Units/Acre

Highlights:

  • Excellent AMI Growth in Saline County with a 13.4% Increase Since 2016
  • Ability to Place New Debt and Improve Returns by Increasing Rents Close to Max Net LIHTC Rents
  • Both Phases Appear to be Qualified Contract Eligible
  • Salina is Home to the Kansas State University Polytechnic Campus and Kansas Wesleyan University

Description:

The Reserves at Prairie Glen is a 96-unit affordable housing community located in Salina, KS. Residents enjoy access to major shopping areas, dining, and interstates, as well as peaceful surroundings and an array of amenities. The property is also conveniently located near two higher learning institutions, Kansas State University Polytechnic Campus and Kansas Wesleyan University.

Phase I was built and placed in service in 2005 and phase II was built and placed in service in 2006 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% & 60% of Area Medium Income (AMI) limits, which are provided by the Kansas Housing
Resources Corporation. Both phases of the property are still within the initial tax credit compliance period.

Residents benefit from community amenities such as a community pool, bbq and gazebo area, basketball court, fitness center, playground, clubhouse, on-site maintenance, and organized community activities. Prairie Glen offers two and three bedroom apartments that come with fully equipped kitchens featuring a microwave and dishwasher and full sized washer and dryers in every unit. Units also include ceiling fans, large closets, extra storage, and a screened in patio/balcony.

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