Westgate Village Apartments

1720 Nathaniel Drive Johnson City, TN 37604
Status: Escrow
Year Built: 1974
Price: UNRPRICED OFFERING
For more information please contact:
john@lihtcadvisors.com
In Cooperation with:

Jeff Dilbone
Investment Property Advisors
jeffdilbone@investmentpa.com

# of Units: 53
# of Buildings: 9
# of Stories: 2
Rentable SF: 54,600
Lot Size: 10.60 Acres
Density: 4.91 Units/Acres

Highlights:

  • Existing Project-Based Section 8 Property with 52 Units Covered Under a HAP Contract
  • Current HAP Contract Expires in 2022
  • Most Recent REAC Score of 93c
  • Located Within an Opportunity Zone

Description:

Westgate Village is a 53-unit Project-Based Section 8 community located in Johnson City, TN. The property is conveniently located close to area amenities such as restaurants, medical facilities, and East Tennessee State University.

The property was built in 1974 and is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of October 1st, 2017 and provides assistance to 52 units. The remaining unit is unrestricted and reserved for the on-site staff. Within the contract, Section 2(a) states that the contract runs for an effective term of five years.

Johnson City is a city in Washington, Carter, and Sullivan counties in Tennessee, with most of the city being in Washington County. The city has a population of 63,152, making it the ninth-largest city in the state. Johnson City is known as a low-cost place to live due to affordable homes and below-average utility, transportation, and health-care costs. The city is also an economic hub largely fueled by East Tennessee State University and the medical “Med-Tech” corridor, anchored by the Johnson City Medical Center, Franklin Woods Community Hospital, ETSU’s Gatton College of Pharmacy, and ETSU’s Quillen College of Medicine. As a regional hub for a four-state area, Johnson City is home to a large variety of retail business, from well-known national chains to local boutiques and galleries.

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