Capstone Apartment Partners is pleased to present Lincoln
Grove, a 116-unit garden-style multi-family asset located in Greensboro,
North Carolina comprised of 98 affordable/LIHTC units and 18 market rate units.
Lincoln Grove presents the rare opportunity to convert all affordable units,
previously operating in conformance as a Low-Income Housing Tax Credit (LIHTC)
project, to market rate immediately upon the sale of the asset, as the LIHTC
compliance period has expired. Both affordable and market rents at the property
significantly trail direct competitors in the submarket allowing new ownership
the opportunity to immediately raise rents to market rate to substantially
increase rental income beginning day one. Additionally, the opportunity exists
for a robust value-add program on the virtually untouched units, taking the
property to the next level. The Greensboro market is primed for explosive
rental growth, evident by multiple new job announcements coming to the area.
With positive multi-family fundamentals, an influx of new job opportunities,
and a major value-add play, Lincoln Grove presents investors with an excellent
asset poised for substantial rent and EGI growth for years to come.