Capstone Apartment Partners is pleased to present Arrowood
Villas, a 120-unit garden-style multi-family asset located in Charlotte, NC
comprised of a mix of 50 affordable/LIHTC units and 70 market rate units.
Arrowood Villas operates in conformance as a Low-Income Housing Tax Credit
(LIHTC) project limiting 42% of the units to 60% AMI.
Participation in this affordable program ensures investors are acquiring a
high-quality asset that meets the strenuous criteria required in order to be
eligible for tax credits. Although rent restrictions are in place, Arrowood
Villas’ affordable units currently trail the Max Allowable Rents by $300–$600
depending on the floor plan. This presents new ownership the opportunity to
immediately reduce loss-to-lease, raise rents, and substantially increase
rental income. Additionally, the opportunity exists for a robust value-add
program on the virtually untouched 70 market rate units. There is tremendous
operational upside for Arrowood Villas through expense reduction and utility
reimbursement opportunities. With an excellent location in the South Charlotte
submarket of the Charlotte MSA and an untouched value-add opportunity, Arrowood
Villas presents investors with an excellent asset poised for substantial rent
and EGI growth for years to come.