Ohio LIHTC Senior Portfolio

4855 Angola Rd, Toledo, OH
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Investment summary

DeveloperNRP Group

CitiesToledo, Norwalk, Alliance, OH

Years Built2001-2010

Total Units310

Occupancy99-100%

Executive summary

BWE Investment Sales is pleased to announce the exclusive listing of Ohio LIHTC Senior Portfolio located in northern Ohio. The Ohio LIHTC Senior Portfolio consists of three properties, Waterford I & II in Toledo, Bennett Pointe I & II in Norwalk, and Abbington at the Park in Alliance. The properties include a total of 310 two-bedroom units. These garden and cottage style communities are all conveniently located near main metro areas and provide residents with a variety of attractions including shopping centers, restaurants and entertainment, and world-renowned healthcare services.

Bang Realty, Inc | License No. BRK.2009000214

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Investment highlights

High Occupancy with Low Turnover:

The Properties have historically been at or near 100% occupancy as the age restrictions keep turnover low. Ohio has one of the older median ages in the US at almost 40 years old, and more than 16% of the population (1.8M+) in Ohio is 65 years and over. This bodes well for maintaining strong occupancy and increasing rental revenue for a new owner.

Stable Bond-Like Cash Flow:

Each property benefits from having a best-in-class developer that builds superior product compared to any nearby comp. This coupled with the age restricted nature helps keep demand strong, maintain high occupancy, and low turnover ensuring stable bond-like cash flow for investors.

Affordable Housing Preservation Opportunity:

Waterford I & II and Abbington at the Park are located in a Qualified Census Tract (QCT) allowing for a 30% boost in eligible basis should an owner pursue a re-syndication. Additionally, Ohio recently announced a State LIHTC which makes a re-syndication strategy more attractive paired with the Federal LIHTC.

Immediate Scale in Northern Ohio:

Located within a 2.5-hour drive of each other allows for a new owner to have immediate scale in northern Ohio and help minimize operating expenses. The properties benefit from being located near major metros such as Cleveland, Akron, and Toledo.

Community Amentities

  • Close proximity to shopping & dining
  • Quite Communities
  • Close to local school districts
  • Easy access to main roads
  • And many more.

Community Amentities

  • Garden style homes
  • Spacious floor plans
  • Beautiful landscaping
  • Two-bedroom senior living
  • And many more.

Exclusively listed by

Michael Furrow

SVP, Investment Sales