Crosswinds Apartments

Crosswinds Apartments | OFFERING MEMORANDUM

PROPERTY INFORMATION Property Name

INVESTMENT SUMMARY

Crosswinds Apartments 910 Providence Road Chesapeake, VA 23325 Chesapeake City County

Street Address

Marcus & Millichap is pleased to present the opportunity to acquire Crosswinds Apartments, a 109-unit affordable housing property located in Chesapeake, Virginia. This opportunity is being offered without an asking price.

City, State

County

Units

109 Units 90,884 SF 5.86 Acres 1975 / 2004

Rentable SF

INVESTMENT HIGHLIGHTS

Lot Size

Year Built/Renovated

LURA Maturity in 2033

Building Type Total Buildings

Garden Apartments

7 Buildings

Opportunity to Grow Rents to Net Max Allowable with Projected AMI Increase of 10.6%

Total Stories

2 Stories

Parking

164 Uncovered Spaces

Tax Parcel Number

0200000000150

Strong in Place Yield with Only 1% Annual Vacancy

LIHTC REGULATORY Development Type % Units Affordable

Very Well Located in Virginia Beach Metro Area

LIHTC - Rehab 2004

100%

Low Cost Provider in High Cost Market

State Agency

VHDA

Year Placed in Service End of Initial Compliance

2004

12/31/2018 12/31/2033

End of Extended Use

Qualified Contract Eligible

Yes

Section 8

Voucher (30 units or 28%)

Located in QCT/DDA 10-Year Chain of Title

No No

SCHOOL DISTRICTS Primary School (1-3) Intermediate School (4-5)

Georgetown Primary

Sparrow Road Intermediate Indian River Middle School Indian River High School

Middle School (6-8) High School (9-12)

| INVESTMENT SUMMARY

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