Double creek

Investment Highlights

Located in thriving Florence, AL, Double Creek is a single-story, 48-unit apartment community built in 2002. It provides an opportunity to drastically increase rents that are over $150 below market. Because Double Creek was developed utilizing Low Income Housing Tax Credits (LIHTC) allocated in 2000, rent levels at the property have been capped. However, by completing the qualified contract process, these rent caps can be eliminated and market rents can be increased over 20%. Double Creek features attractive single-story floorplans, and all units are equipped with washer and dryer connections. The nearest competitive property, Summerfield, is virtually next door to Double Creek and offers similar single-story floorplans, yet Summerfield’s two-bedroom units rent for an additional $197. Double Creek is positioned to provide a substantial value-add opportunity without the heavy capital expenditures typically needed to produce triple-digit rent increases.

Investment Summary

  • Status: Available
  • Florence, AL
  • Total Units: 48
  • Year Built: 2002
  • Total SF: 39,184 SF
  • Total Acres: 7.64 AC
  • Occupancy: 98%

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