Westfork

Investment Highlights

Westfork is a 40-unit, garden-style, apartment community located in Jasper, AL that offers a tremendous opportunity to complete the qualified contract process and increase rents by $195 or 50%. Built in 1996 with Low Income Housing Tax Credits (LIHTC), Westfork is one of the premier properties in Jasper and features brick exteriors, pitched roofs, steel framed stairs and railings, and double-pane windows. Its attractive one, two, and three-bedroom floorplans average 917 square feet, and all include washer and dryer connections. Meticulously maintained by current management, the property includes an office building with laundry facility, playground, and well-manicured landscaping.  Rents at comparable market-rate properties average $590. Because Westfork’s physical features and location are already competitive with, if not superior to, the top market-rate properties in Jasper, it should command similar rents nearing $600 once affordability restrictions are removed. Additionally, operating expenses associated with affordability compliance will be eliminated following the qualified contract process, which will further enhance NOI for new investors.

Investment Summary

  • Status: Under Contract
  • Jasper, AL
  • Total Units: 40
  • Year Built: 1996
  • Occupancy: 95%
  • Average Unit Size: 917 SF
  • LIHTC Rent: $385 ($0.42 PSF)
  • Proforma Market Rent: $580 ($0.64 PSF)

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