Investment Highlights
Built in 1996 and located in Centreville, AL, approximately 40 minutes southwest of Birmingham, Hunter Pointe is a 24-unit, garden-style, LIHTC apartment community. It has completed its compliance period and can terminate affordability restrictions through the qualified contract process. New investors have the opportunity to substantially increase NOI by completing this process and converting Hunter Pointe to a market-rate community. Hunter Pointe is well positioned as a top property in Centerville, featuring brick exteriors, pitched roofs, steel framed stairs and railings, and double-pane windows. It consists of two and three-bedroom floorplans that average 976 square feet, all of which include washer and dryer connections. The property includes an office building with laundry facility, playground, well-manicured landscaping, and is in stellar condition. Based on nearby comps, rents at Hunter Pointe can be increased 4.7% once affordability restrictions are removed. More notably for Hunter Pointe, historical operating expenses average $5,245 per unit annually and are burdened by costs specifically associated with LIHTC compliance. By completing the qualified contract process and converting the property to market-rate, operating expenses can be reduced by as much as 42%.