Pebble Creek

Investment Highlights

Pebble Creek is a 24-unit, garden-style, multifamily property that was built in 1999 using Low Income Housing Tax Credits (LIHTC). Located in Butler, AL, just north of the Choctaw General Hospital, the property has completed its initial compliance period and is poised to begin the qualified contract process. Pebble Creek’s rents are below those at nearby comps, yet its interior and exterior design are superior. By removing affordability restrictions, Pebble Creek is primed to increase rents over 18% and reduce operating expenses by 32%. It is a turnkey asset with brick exteriors, pitched roofs, steel framed stairs and railings, and double-pane windows. The unit mix consists of one, two, and three bedroom floorplans that average 918 square feet and all include washer and dryer connections.

Investment Summary

  • Status: Available
  • Butler, AL
  • Total Units: 24
  • Year Built: 1999
  • Occupancy: 100%
  • Average Unit Size: 918 SF
  • LIHTC Rent: $402 ($0.44 PSF)
  • Proforma Market Rent: $475 ($0.52 PSF)

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