INVESTMENT OPPORTUNITY
SAB Capital is pleased to present Northview Gardens, a family-designated apartment community located on 8.74 acres in Martinsville, VA. The property includes 10, two-story apartment buildings and 1 leasing office building. The buildings were constructed using crawl space foundations, brick and wood siding exterior. The property’s current mix includes 21 one-bedroom, 49 two-bedroom, and 30 three-bedroom units . The community amenities include onsite laundry and 24-hour emergency maintenance. The property features a HAP contract that covers 20% of the units and runs through September 2034. The current contract rents are below the 2023 FMR’s and $145 below the 2022 HUD 140% Median Gross Rent by Zip Code Metrics. The last reported REAC was a 83b in November 2019.
- Northview Gardens in Martinsville, VA | 147 Miles Southwest of Richmond
- 100 Units | Located in 2023 QCT | 30% Basis Boost for Federal LIHTC
- Option 2 HAP Contract | Renewed for 20 Years in 2014
- Northview Gardens Received an 83b on its Last REAC in 2019
- 1, 2, and 3 Bedroom Unit Mix
| Tenant | Price | Cap Rate | Lease Type | Square Feet | Status |
|---|---|---|---|---|---|
| Northview Gardens | $ | % | 75,000 | Under Contract |
