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Investment Highlights

*Ada Ferrell Garden & East Gate Apartments (213 units) represents a combination of two properties, Ada Ferrell Garden Apartments (105 units) and East Gate Apartments (108 units), operating and financed jointly
*The property received an allocation of Low Income Housing Tax Credits pursuant to Internal Revenue Code §42 and is subject to rent and income restrictions for a minimum of 30 years, requiring that 100% of the units will be rented to families whose income does not exceed 60% of the AMGI; Placed-in-Service (PIS) year: 2006
*Assumable or prepayable HUD §221(d)(4) mortgage
*99% Project-Based Section 8 rent subsidy contract; less than 3% economic vacancy in 2014 & 2015; 20-year HAP Contract renewal in 2010 (East Gate Apartments)
*Located in a Qualified (130% basis) Census Tract for Low Income Housing Tax Credit rehabilitation
*Property amenities include playground and parking; East Gate amenities also include a community room with kitchen
*Unit features include air conditioning; Ada Ferrell Garden units also feature patio/balcony
*November, 2015 REAC Score: 95b*
*Separately metered for electric (heat)
*Excellent unit mix: 77% of the units are 2BR, 3BR or 4BR apartments
*Nearly $100,000 of recent property improvements
Scattered site development, all buildings are located within ½ mile; addresses include 106 Freeman Street (AF) and 131 Silver Street (EG)
*Within 1 mile of Arnold Air Force Base, East Middle School, East Lincoln Elementary School and TN Route-55; within 2 miles of downtown, Tullahoma High School, Robert E Lee Elementary School, Northgate Mall (JCPenney), Lincoln Plaza Shopping Center (Save-A-Lot Grocery Store & Pharmacy, Food Lion Grocery Store and Family Dollar), Walgreens Pharmacy and CVS Pharmacy
*Tullahoma has an estimated population of 18,800
*Approximately 56 miles northwest of Chattanooga and approximately 63 miles southeast of Nashville

Ada Ferrell Garden & East Gate

Tullahoma, TN
213 Units

Currently Under Contract
Confidentiality Agreement

Property Flyers and Confidentiality Agreements can be viewed for general information. To view property financial documents, please complete the Confidentiality Agreement. You will receive instructions via email on how to access the information.