LIHTC Advisors...Holly Ridge was built and placed in service in 2001 under the Section 42 Low-Income...

LIHTC Advisors

Holly Ridge Apartments120 Units | 6401 St. Johns Avenue | Palatka, FL 32177

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2 LIHTC ADVISORS HOLLY RIDGE | 120 UNITS

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The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information.

In cooperation with Jeff DilboneInvestment Property Advisors 513-489-1500 (phone)513-460-1745 (direct)

6225 North Meeker PlaceSuite 210Boise, ID 83713

Jeff Irish800.840.3021 (phone)208.286.5013 (direct)888.506.2771 (fax)[email protected]

Jordan Skyles800.840.3021 (phone)208.631.4981 (direct)888.506.2771 (fax)[email protected]

John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]

www.lihtcadvisors.com

LIHTC Advisors


Holly Ridge Apartments

120 Units 6401 St. Johns Avenue

Palatka, FL 32177

Table of Contents

PROPERTY OVERVIEW

DescriptionArea Highlights

SummaryPhotos

Floor PlansArea Maps

FINANCIAL ANALYSIS

Income & ExpensesCash Flow Summary

Unit MixIncome & Rent Limits

Historical AMI, MAX Rent, & FMR

COMPARABLE PROPERTIES

Rent Comparables MapRental & Occupancy Statistics

Rent Comparable Details


Property Overview

HIGHLIGHTS

• Senior LIHTC Property Placed in Service in 2001 for Ages 55 and Older

• Palatka is Located 62 Miles South of Jacksonville and 44 Miles East of Gainesville

• Palatka is Home to St. Johns River State College

• Georgia Pacific is the Single Largest Private Employer in the City


Property Description

Holly Ridge Apartments is a 120-unit affordable housing community for seniors ages 55 and older, located in Palatka, FL. Within blocks of the property you will find parks, shopping, restaurants, health care facilities, and entertainment.

Holly Ridge was built and placed in service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with Florida Housing and Finance Corporation, which requires all units to be rented to income qualifying tenants earning no more than 40%, 50%, and 60% of the Area Median Income. The property is beyond its initial 15-year tax credit compliance period. Please see the Property Summary page and Unit Mix page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.

Residents benefit from a multitude of community amenities including a swimming pool, fitness center, business center, on-site laundry facilities, billiards, clubhouse, resident activities, and easy access to public transportation and the freeway. Unit amenities include a kitchen with a dishwasher, stove, refrigerator and breakfast bar. The bedrooms have walk-in closets, ceiling fans, and the units contain a fireplace.

COMMUNITY AMENITIES

• Swimming Pool• Billiards• On-Site Laundry Facilities• Business Center• Clubhouse• Fitness Center

UNIT AMENITIES

• Walk-In Closets• Ceiling Fans• Fireplace• Open Floor Plan• Breakfast Bar


Area Highlights

Palatka is a city in Putnam County, Florida, with a population of 10,558 and is the county seat of Putnam County. Palatka is the principal city of the Palatka Micropolitan Statistical Area, which is home to 72,277 residents. The city is also home to St. Johns River State College, St. Johns River Water Management District Headquarters, and Ravine Gardens State Park. The area is well known for its local festivals, most notably the Florida Azalea Festival and the Blue Crab Festival.

The composition of the Palatka area economy is unreflective of Florida as a whole. Unlike many cities in the state, Palatka has a large manufacturing sector, employing 17.2% of the city’s total civilian workforce. Comparatively, Florida’s statistics indicate 5.9% of the state’s entire workforce is employed by the manufacturing sector. Georgia Pacific is the single largest private employer in the city. The Koch owned firm employs 1,470 people at its pulp, paper, and plywood operations. PDM Bridge is another large manufacturing company operating in Palatka.

In recent years, the Putnam County government has adopted policies focused on facilitating Ecotourism in the region. Nature trails are being expanded and kayaking waterways have been improved and mapped. Portions of the Florida Trail runs through the area and connect local hiking trails to other trail systems in parks throughout the region. Ocala National Forest is the second largest National Forest in the state. Other large parks include Welaka State Forest, Etoniah Creek State Forest, and Dunns Creek State Park.

The main center for higher education in the city is St. Johns River State College. In 1958, the institute opened its doors in Palatka to 191 students. Today the school serves Putnam, Clay, and St. Johns Counties and boost approximately 6,613 students. The Palatka campus serves as the administrative center, it also houses the Florida School of the Arts and the local St. Leo University branch.

NEIGHBORHOOD AMENITIES

• Palatka Health Care Center (0.2 miles)• St. Johns River State College

(0.5 miles)• Putnam County Library (0.7 miles)• Putnam Community Medical Center

(0.8 miles)• Walmart (1.5 miles)

LOCATION HIGHLIGHTS

• Population: 10,558• Located 62 miles south of

Jacksonville and 44 miles east of Gainesville

• Home to St. Johns River State College

TOP EMPLOYMENT INDUSTRIES

• Manufacturing• Administrative• Sales• Cleaning & Maintenance• Food Services


NAME & LOCATIONProperty Name Holly Ridge ApartmentsProperty Address 6401 St. Johns Avenue

Palatka, FL 32177

SECTION 42 LIHTC RESTRICTIONSPlaced in Service 2001End of Initial Compliance Period 12/31/2016End of Extended Use Period 12/31/2051

SITE INFORMATIONAssessor’s Parcel Number 10-10-26-0000-0200-0000Number of Units 120Number of Buildings 1Number of Stories 3Rentable Square Feet 77,700Year Built 2001Lot Size 13.45 AcresDensity 8.92 Units/AcreType of Ownership Fee SimpleLandscaping Mature Trees, Shrubs, & GrassTopography Relatively Flat

UTILITIESWater City of PalatkaElectric Clay Electric Cooperative, Inc.Gas Palatka Gas Authority

CONSTRUCTIONExterior Stucco & Vinyl SidingRoof Composite Shingle

# OF UNITS

RENTABLESF

PLACEDINTO SERVICE

LOT SIZE

120 77,700 2001 13.45 acres

Property Summary


Floor Plans

1 BED 1 BATH- 535 SF

2 BED 1.5 BATH- 760 SF


Aerial Map


Local Map

HOLLY RIDGE

Palatka Health Care Center

Palatka Mall

Putnam County Medical Center

St. Johns River State College

Putnam County Library


Financial Analysis


Income & Expenses

OPERATIONAL ANALYSIS PROFORMA PER UNIT

INCOME

Gross Potential Rent $803,340 $0.86Gain (Loss) to Lease 0.00% $0 $0POTENTIAL RENTAL INCOME $803,340 $6,695 (1)% Increase over Prior Year 2.80%

Economic LossVacancy Loss 6.50% ($52,217) ($435) (2)Bad Debt 0.25% ($2,008) ($17)Concessions 0.25% ($2,008) ($17)

Total Economic Loss 7.00% ($56,234) ($469)

NET RENTAL INCOME $747,106 $6,226

Other IncomeForfeited Security Deposits $4,064 $34Application Fees $2,665 $22Misc. Other Income $8,550 $71

Total Other Income $15,279 $127

EFFECTIVE GROSS INCOME $762,385 $6,353

EXPENSES

FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 1% $9,526 $79 (3)Total Property Insurance Expense 4% $32,993 $275Total Property Utility Expense 18% $133,643 $1,114

TOTAL FIXED OPERATIONAL EXP 23% $176,161 $1,468

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 6% $48,000 $400 (4)Total Repairs & Maintenance 8% $61,153 $510Total Administrative Expenses 4% $28,705 $239Total Leasing & Marketing 3% $20,000 $167 (5)Total Payroll and Salary Expenses 17% $127,296 $1,061 (6)Property Management Fee 5.00% $38,119 $318

TOTAL VARIABLE OPERATIONAL EXP 42% $323,273 $2,694

TOTAL FIXED & VARIABLE EXPENSES 66% $499,434 $4,162

Reserves & Replacements $36,000 $300

TOTAL OPERATING EXPENSES 70% $535,434 $4,462

NET OPERATING INCOME $226,951 $1,891


Comments to Income & Expenses

(1)

(2)

(3)

(4)

(5)

(6)

Hours per Week

Pay per Hour

Total Compensation

Manager 40 $18 $37,440

Assistant Manager 20 $15 $15,600

Maintenance Supervisor 40 $18 $37,440

Maintenance Tech 20 $15 $15,600

Taxes & Benefits (20%) $21,216

$127,296

REAL ESTATE TAX ANALYSIS

Parcel #: 10-10-26-0000-0200-0000

2017 ProformaTotal Market Value $740,399 $777,419Exemptions $0 $0Value after Exemptions $740,399 $777,419Assessment Ratio 100.00% 100.00%Assessed Value $740,399 $777,419

Tax Rate 2.292% 2.292%Ad Valorem Taxes $16,967 $17,815Assessments $2,030 $2,030Exemption 0% 50%4% Early Pay Discount $760 $397Total Taxes Due $18,237 $9,526

Notes

NOTES TO PROFORMA

Potential Rental Income: Max Net Rents Annualized.

Vacancy: As of 3/2/18, the property is 97.5% leased. Analysis uses a 6.5% vacancy factor in the Proforma.

Contract Services: Analysis assumes a reduction based on expenses observed at comparable senior LIHTC properties.

Real Estate Taxes: See notes below.

Payroll & Salary: Analysis assumes the following pay schedule:

Total Payroll & Salary Expense:

Leasing & Marketing: Analysis assumes a reduction based on expenses observed at comparable senior LIHTC properties and historicaloccupancy seen at the property.

Analysis assumes a 5% increase off of 2017 Assessed Value with a 50% exemption due to new legislation passed in Flordia providing a50% exemption to LIHTC properties after Year 15 and larger than 70 units. This law goes into effect in 2018. Analysis also includes the 4%early pay discount. 5% annual increases are assumed throughout model.


Cash Flow

PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS

YEAR 1 OPERATIONS BASED ON Proforma

Gross Potential Rent Growth NA 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Loss to Lease 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Vacancy 6.50% 5.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Bad Debt 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%Concessions 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%Property Taxes NA 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Property Management Fee 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

INCOMEGross Potential Rent $803,340 $819,407 $835,795 $852,511 $869,561 $886,952 $904,691 $922,785 $941,241 $960,066

Gain (Loss) to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0POTENTIAL RENTAL INCOME $803,340 $819,407 $835,795 $852,511 $869,561 $886,952 $904,691 $922,785 $941,241 $960,066

Economic Operational LossVacancy Loss ($52,217) ($45,067) ($41,790) ($42,626) ($43,478) ($44,348) ($45,235) ($46,139) ($47,062) ($48,003)Bad Debt ($2,008) ($2,049) ($2,089) ($2,131) ($2,174) ($2,217) ($2,262) ($2,307) ($2,353) ($2,400)

($2,008) ($2,049) ($2,089) ($2,131) ($2,174) ($2,217) ($2,262) ($2,307) ($2,353) ($2,400)Total Operational Loss ($56,234) ($49,164) ($45,969) ($46,888) ($47,826) ($48,782) ($49,758) ($50,753) ($51,768) ($52,804)

NET RENTAL INCOME $747,106 $770,242 $789,826 $805,623 $821,735 $838,170 $854,933 $872,032 $889,473 $907,262

Total Other Income $15,279 $15,661 $16,052 $16,453 $16,865 $17,286 $17,719 $18,162 $18,616 $19,081

EFFECTIVE GROSS INCOME $762,385 $785,903 $805,878 $822,076 $838,600 $855,456 $872,652 $890,193 $908,088 $926,343

OPERATIONAL EXPENSESFIXED OPERATIONAL EXPENSE

Total Real Estate Property Taxes $9,526 $10,002 $10,502 $11,027 $11,579 $12,158 $12,765 $13,404 $14,074 $14,778Total Property Insurance Expense $32,993 $33,818 $34,663 $35,530 $36,418 $37,328 $38,261 $39,218 $40,198 $41,203Total Property Utility Expense $133,643 $136,984 $140,408 $143,918 $147,516 $151,204 $154,984 $158,859 $162,831 $166,901

TOTAL FIXED OPERATIONAL EXP $176,161 $180,803 $185,573 $190,475 $195,513 $200,690 $206,011 $211,481 $217,103 $222,882

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services $48,000 $49,200 $50,430 $51,691 $52,983 $54,308 $55,665 $57,057 $58,483 $59,945Total Repairs & Maintenance $61,153 $62,681 $64,248 $65,855 $67,501 $69,188 $70,918 $72,691 $74,508 $76,371Total Administrative Expenses $28,705 $29,423 $30,158 $30,912 $31,685 $32,477 $33,289 $34,121 $34,974 $35,849Total Leasing & Marketing $20,000 $20,500 $21,013 $21,538 $22,076 $22,628 $23,194 $23,774 $24,368 $24,977Total Payroll and Salary Expenses $127,296 $130,478 $133,740 $137,084 $140,511 $144,024 $147,624 $151,315 $155,098 $158,975Property Management Fee $38,119 $39,295 $40,294 $41,104 $41,930 $42,773 $43,633 $44,510 $45,404 $46,317

TOTAL VARIABLE OPERATIONAL EXP $323,273 $331,578 $339,883 $348,183 $356,686 $365,398 $374,323 $383,468 $392,836 $402,435

TOTAL FIXED & VARIABLE EXPENSE $499,434 $512,381 $525,457 $538,658 $552,199 $566,088 $580,335 $594,948 $609,939 $625,317

Replacement Reserves $36,000 $36,000 $36,000 $36,000 $36,000 $36,000 $36,000 $36,000 $36,000 $36,000

TOTAL OPERATING EXPENSES $535,434 $548,381 $561,457 $574,658 $588,199 $602,088 $616,335 $630,948 $645,939 $661,317

PROPERTY NET OPERATING INCOME $226,951 $237,522 $244,422 $247,418 $250,401 $253,368 $256,317 $259,245 $262,149 $265,026

Concessions


UNIT TYPE SET-ASIDE NUMBER OF UNITS

UNIT SIZE (RSF)

ASKING RENT

ASKING RENT PSF

MAX TC RENT

CURRENT UA

MAX NET TC RENT

1 BD 1 BTH 40% 9 535 $356 $0.67 $414 $58 $356 1 BD 1 BTH 50% 15 535 $459 $0.86 $517 $58 $459 1 BD 1 BTH 60% 36 535 $563 $1.05 $621 $58 $563 1 BD UNIT TOTAL 60 32,100 $30,357 $33,837 $30,3571 BD UNIT AVG 535 $506 $0.95 $564 $506

2 BD 1.5 BTH 40% 9 760 $430 $0.57 $497 $67 $430 2 BD 1.5 BTH 50% 15 760 $554 $0.73 $621 $67 $554 2 BD 1.5 BTH 60% 36 760 $678 $0.89 $745 $67 $678 2 BD UNIT TOTAL 60 45,600 $36,588 $40,608 $36,5882 BD UNIT AVG 760 $610 $0.80 $677 $610

TOTAL 120 77,700 $66,945 $74,445 $66,945AVERAGE 648 $558 $0.86 $620 $558*The unit mix above was based on the 01/22/2018 Rent Roll.

AFFORDABILITY RESTRICTIONSLIHTC Regulatory Agreement: At least 15% of units at 40% AMI, 25% of units at 50% AMI and the remaining 60% of units at 60% AMI, with restrictions running for a total of 50 years and terminating in after December 2051.

Unit Mix


Holly Ridge is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 40%, 50%, and 60% of the local Area Median Income (AMI) for the county.

Putnam County Effective Year: 2017

Area Median Income: $37,900

Tax Credit Property Income LimitsINCOME 40% 50% 60%1 Person $13,560 $16,950 $20,3402 Person $15,520 $19,400 $23,2803 Person $17,440 $21,800 $26,1604 Person $19,360 $24,200 $29,0405 Person $20,920 $26,150 $31,3806 Person $22,480 $28,100 $33,7207 Person $24,040 $30,050 $36,060

Tax Credit Maximum Allowable RentsSet Aside Unit

Type # of

UnitsMax Rent UA Max Net

Rent40% 1 BD 9 $414 $58 $35650% 1 BD 15 $517 $58 $45960% 1 BD 36 $621 $58 $56340% 2 BD 9 $497 $67 $43050% 2 BD 15 $621 $67 $55460% 2 BD 36 $745 $67 $678

50%50%

Unit Breakdown By Unit Type

1 BD 2 BD

$506

$610

$506

$610

$0

$100

$200

$300

$400

$500

$600

$700

1 BD 2 BD

Asking Rents to Net Max Tax Credit Rents

Asking Rent Net Max Rent

17 LIHTC ADVISORS HOLLY RIDGE | 120 UNITS SOURCE: novoco.com

*The property is considered to be located in a rural area and therefore qualifies for the national non-metropolitan income and rent floor. The national non-metropolitan median income was $55,200 in 2017.

$37,500

$38,500

$39,500

$40,500

$41,500

$42,500

$43,500

$44,500

$45,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AMI Growth RateYear AMI % Change

2007 $39,600 -2008 $42,700 7.83%2009 $43,600 2.11%2010 $44,600 2.29%2011 $44,500 (0.22%)2012 $45,100 1.35%2013 $40,400 (10.42%)2014 $39,300 (2.72%)2015 $43,000 9.41%2016 $44,500 3.49%2017 $37,900 (14.83%)

5 Yr Avg (3.01%)10 Yr Avg (0.17%)

Max Allowable LIHTC Rent Growth- 2BD/ 60%

Year Rent % Change

2007 $595 -2008 $613 3.03%2009 $630 2.77%2010 $640 1.59%2011 $640 0.00%2012 $648 1.25%2013 $648 0.00%2014 $648 0.00%2015 $648 0.00%2016 $648 0.00%2017 $654 0.93%

5 Yr Avg 0.19%10 Yr Avg 0.96%

$590

$600

$610

$620

$630

$640

$650

$660

$670

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

18 LIHTC ADVISORS HOLLY RIDGE | 120 UNITS SOURCE: novoco.com

$490

$510

$530

$550

$570

$590

$610

$630

$650

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

FMR AveragesYear FMR Avg. % Change

2007 $493 -2008 $528 7.00%2009 $557 5.50%2010 $589 5.84%2011 $584 (0.93%)2012 $622 6.51%2013 $567 (8.85%)2014 $590 4.06%2015 $583 (1.10%)2016 $565 (3.17%)2017 $645 14.26%

5 Yr Avg 1.04%10 Yr Avg 2.91%

Fair Market RentsYear 1 BD 2 BD

2007 $467 $5192008 $500 $5552009 $527 $5862010 $558 $6202011 $553 $6142012 $589 $6542013 $507 $6262014 $528 $6512015 $522 $6442016 $495 $6342017 $592 $698


Rent Comparables

HOLLY RIDGEOCCUPANCY

COMPARABLE AVERAGE OCCUPANCY

HOLLY RIDGERENT/SF

COMPARABLE AVERAGE RENT/SF

93% 98% $0.86 $0.78


A

Rent Comparables Map

B

C

D

Holly Ridge Apts.

Cherry Tree Apts. I & II

Woodland Point Apts.

Grand Pines Apts.

Barrington Apts.

Forest Glen Apts.A

B

C E

D

E


Occupancy- 98% Average

Rent Per SF- $0.78 Average

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

* A B C D E

Occupancy & Rent per SF

$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

* A B C D E

Holly Ridge Apts.

Cherry Tree Apts. I & II

Woodland Point Apts.

Grand Pines Apts.

Barrington Apts.

Forest Glen Apts.A

B

C E

D


Unit Type # of Units Rent SF RentPer SF

1BD 1BTH- 40% 9 $354 535 $0.661BD 1BTH- 50% 15 $459 535 $0.861BD 1BTH- 60% 36 $563 535 $1.052BD 1.5BTH- 40% 9 $430 760 $0.572BD 1.5BTH- 50% 15 $552 760 $0.732BD 1.5BTH- 60% 36 $678 760 $0.89TOTALS/AVG. 120 $557 648 $0.866401 St. Johns Avenue

Palatka, FL 32177

Rent Comparables

HOLLY RIDGE 120 UNITS OCCUPANCY: 93% YEAR BUILT: 1999

206 Zeagler DrivePalatka, FL 32177

Distance to Subject: 0.4 miles

CHERRY TREE 70 UNITS OCCUPANCY: 100% YEAR BUILT: 1993A


1BD 1BTH 40 $690 675 $1.02 2BD 1BTH 30 $780 816 $0.96 TOTALS/AVG. 70 $729 735 $0.99

*Senior LIHTC Property with 60% units*Tenants pay all utilities


Rent Comparables

6710 St. Johns AvenuePalatka, FL 32177


WOODLAND POINT 120 UNITS OCCUPANCY: 95% YEAR BUILT: 2004B


2BD 2BTH 56 $658 1,003 $0.66 3BD 2BTH 56 $766 1,214 $0.63 4BD 2BTH 8 $853 1,361 $0.63 TOTALS/AVG. 120 $721 1,125 $0.64

*LIHTC Property with 30% & 60% units*Tenants pay electric

2501 Prosper StreetPalatka, FL 32177


GRAND PINES 78 UNITS OCCUPANCY: 100% YEAR BUILT: 2003C


1BD 1BTH 42 $480 850 $0.56 2BD 2BTH 25 $575 1,067 $0.54 3BD 2BTH 11 $655 1,198 $0.55 TOTALS/AVG. 78 $535 969 $0.55

*LIHTC Property with 50% & 60% units *Tenants pay all utilities


Rent Comparables

607 South Moody RoadPalatka, FL 32177


BARRINGTON 104 UNITS OCCUPANCY: 94% YEAR BUILT: 1986D


1BD 1BTH 16 $647 625 $1.04 1BD 1BTH 16 $684 650 $1.05 2BD 1BTH 36 $799 965 $0.83 2BD 2BTH 36 $864 1,040 $0.83 TOTALS/AVG. 104 $780 890 $0.88

*LIHTC Property with 35% & 60% units *Tenants pay all utilities

700 Forest Glen DrivePalatka, FL 32177


FOREST GLEN 87 UNITS OCCUPANCY: 100% YEAR BUILT: 1980E


1BD 1BTH 52 $602 696 $0.86 2BD 1BTH 35 $690 899 $0.77 TOTALS/AVG. 87 $637 778 $0.82

*Tenants pay all utilities

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