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Salem Village Apartments


 

Salem Village Apartments

 

 

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Salem Village Apartments


 

Salem Village Apartments

 

 


Salem Village Apartments

Salem Village Apartments is a rehabilitation of a project based Section 8, multifamily property utilizing LIHTC. The project site totals 1.7 acres and is located in Lexington, Kentucky, in the county of Fayette. The Property will be a rehabilitation of a current 40 unit project, rehabilitating 39 units in three buildings and converting the 40th unit to a community room with a fitness center for residents. The property will be comprised of 24 one-bedroom units and 15 two-bedroom units.. Property amenities include on-site management, on-site maintenance, community room, and fitness center.

Under Development


Properties Under Development

Under Development


Properties Under Development

Washington View Apartments

Washington View Apartments is a new construction project of approximately 54,655 SF. The Development will be operated as a Low Income Senior Housing property with 115 proposed units. The subject site is located at 720 W Washington Blvd, in Los Angeles, CA.

The PMA is composed mostly of residential multifamily buildings with commercial buildings along the major thoroughfares. Market Study does not have market area economy section because project was designated as Senior Housing.

The targeted Area Median Income (“AMI”) is 25 units with 50% AMI, and 90 units will be at market rate. The property absorption rate is estimated to be approximately eight units per month, with an estimated lease up time of three months. The market area exhibits more than sufficient demand for the property. Currently all other affordable senior housing in the City of Los Angeles have wait lists, the Development has a high market feasibility.

The 115 units will all be single room occupancy units.  Each unit will contain the following features: refrigerator, range/oven, garbage disposal, dishwasher, central heat and air, and ceiling fans. Exterior Amenities include: community room, pool, on site laundry room, on site manager, computer room, limited access gate, and video surveillance.

Many essential services are available within the PMA and in the surrounding area. The subject neighborhood is located in the City of Los Angeles, which has the advantage of being a large metropolitan and highly developed area. The neighborhood consist of a variety of commercial and residential land uses, including but not limited to, multifamily subdivisions, single-family housing, retail, and service developments. The Development is in close proximity to recreational facilities, schools, government and public services, as well as many retail stores, grocery stores, and restaurants.


TEMPLE VIEW APARTMENTS

Temple View Apartments is a new construction project sitting on approximately 22,000 SF. The Development will be operated as a Low Income Housing Tax Credit property with 73 proposed units and 5000 SF of commercial retail space. The subject site is located at 3200 West Temple Street in Los Angeles, CA.

The PMA includes various types of employment options for area residents, with the service and retail industries  being the largest sources of employment. Numerous businesses offering a range of positions and skill levels exist throughout the PMA, providing residents with plenty of employment opportunities. Throughout the past few years, the PMA has experienced a decrease in unemployment rates.

The property absorption rate is estimated to be approximately 10-15 units per month, reaching a stabilized occupancy level within five to seven months. The Development’s aggregate penetration rate is 0.1 percent. The targeted Area Median Income (“AMI”) is 2 units with 50% AMI, 13 units will be 60% AMI, and 57 units will be at market rate with 1 unit being reserved for the on site manager. The market area exhibits more than sufficient demand for the property. Taking the current rents in the PMA into consideration, the proposed market-rents are reasonable and should allow for full occupancy of the project once the Development is complete.

The 73 units will all be single room occupancy units.  Each unit will contain the following features: refrigerator, range/oven, garbage disposal, dishwasher, microwave, washer/dryer hook-ups, carpet, tile, shades, and ceiling fans. Exterior Amenities include: community room, computer room, on site laundry room, onsite manager, limited access gate, perimeter fencing and video surveillance.

Many essential services are available within the PMA and in the surrounding area. The subject neighborhood is located in the City of Los Angeles, which has the advantage of being a large metropolitan and highly developed area. The neighborhood consist of a variety of commercial and residential land uses, including but not limited to, multifamily subdivisions, single-family housing, retail, and service developments. The Development is in close proximity to recreational facilities, schools, government and public services, as well as many retail stores, grocery stores, and restaurants.