Settlers Ridge

Settlers Ridge

Urbana, OH
Under Contract
  • Property Type: Apartments
  • Year Built : 1996
  • Property Size: / 64 Units

Overview

Capstone Apartment Partners is pleased to present Settlers Ridge, a fully affordable 64-unit garden-style multi-family asset located in Urbana, OH. Settlers Ridge operates in conformance as a Low-Income Housing Tax Credit (LIHTC) project, limiting all units to 42% AMI caps. Participation in this affordable program ensures investors are acquiring a high-quality asset that meets the strenuous criteria required to be eligible for tax credits. Although rent restrictions are in place, rents currently trail the Max Allowable AMI Caps by 33%+. This presents new ownership the opportunity to raise rents and substantially increase EGI. Additionally, the asset is located firmly within a growth market supported by a strong manufacturing presence. There is tremendous operational upside for Settlers Ridge through re-syndication of the tax credits, as the property is nearing the end of its extended use period (expires 2026).

Investment Highlights

  • Subject Nearing End of Extended Use
  • Opportunity to Raise Rents to Max Allowable AMI Caps
  • Robust Economic Drivers

Contact Information

Stash Geleszinski, CCIM Managing Director P: 513.506.2872
O: 800.746.3175 ext. 7005
stash@capstone-companies.com
Nathan Murphy Senior Advisor P: 513.460.5941
O: 800.746.3175 ext. 7007
nathan@capstone-companies.com
Sherief Gouda Senior Advisor P: 513.252.1427
O: 800.746.3175 ext. 7008
sherief@capstone-companies.com
William Thurner P: 513.364.8600
O: 800.746.3175 ext. 7035
wthurner@capstone-companies.com
Kevin Burns Investment Sales Advisor P: 239.272.1661
O: 800.746.3175 ext. 7039
kburns@capstone-companies.com