Berkadia is pleased to present the value-add opportunity to acquire Oak Point Townhomes, a 136-unit community located in St. Robert, Missouri. St. Robert is located two hours southeast of St. Louis and about 90 minutes northwest of Springfield, MO.
Oak Point is a well-performing, stabilized asset that was built in 2000 and is situated on approximately 8.6 acres of mature landscaping. The community features a desirable unit mix of two- and three-bedroom townhomes with a large average unit size of 1,024 square feet. Oak Point has been well-maintained during the Seller’s ownership period, and there is value-add opportunity for the next Owner with minor unit enhancements.
The property is under the Section 42 Low Income Housing Tax Credit program which restricts 32 of the 136 units at 50% AMI. Oak Point is currently in the extended use period (EUP) and the LIHTC buildings/units are fixed. The initial tax credit compliance period (TCCP) ended 6/11/2016 and the final year of the LIHTC restrictions is 6/11/2031. There is additional value-add opportunity to remove the rent restriction on the 32 units and increase those to market-rate rents.
Oak Point can be purchased either free and clear or with the existing, assumable HUD loan. The current balance is $6,133,215 (as of 2/1/2019). The loan was originated in October 2011, has an interest rate of 3.95% (exclusive of 45 bps MIP), and matures in November 2046.
MO License #2013008591
MO License #2006007641
MO License #2007030450
MO License #2015009451
101 South Hanley, Suite 550
Clayton, MO 63105