Garland Towers | 126 Oriole St
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Garland Towers 126 Oriole St
70 Unit Block of Flats £4,554,455 (£65,064/Unit) 7.29% Net Initial Yield Hot Springs, AR 71901
Investment Highlights
- 70-UNITS || SENIOR DESIGNATED PROJECT BASED SECTION 8
- HAP CONTRACT EXPIRATION || DEC. 1ST 2025
- STRONG HISTORICAL REAC || 98A IN 2022 AND 93B IN 2019
Executive Summary
Garland Tower Apartments is a 70-unit, senior-designated, project -based section 8 apartment facility in Hot Sprints, AR. Hot Springs is about a 55-minute drive southwest of Little Rock, AR. Historically this facility has done well on the REACs – scoring a 98a and 93b respectively in the last two evaluations. Garland has 53 efficiency units, 14 one-bedrooms, and 3 two-bedrooms. The studios are renting for $1,052, one-bedrooms for $1,299, and two-bedrooms for $1,486. This building has an elevator, electric heat and air, and gas hot water. All ranges in units are electric. This facility has on premises parking with common area laundry rooms for residents. Per Garland Tower Apartments’ 8609 it was placed in service on December 28th 2005 with a tax credit period lasting 35 years from the PIS date. Garland Tower is offered free and clear of debt.
Property Facts
| Price | £4,554,455 | Apartment Style | Mid Rise |
| Price Per Unit | £65,064 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.31 AC |
| Net Initial Yield | 7.29% | Building Size | 49,732 SF |
| No. Units | 70 | Number of Floors | 4 |
| Property Type | Residential | Year Built | 1950 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £4,554,455 |
| Price Per Unit | £65,064 |
| Sale Type | Investment |
| Net Initial Yield | 7.29% |
| No. Units | 70 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 2.31 AC |
| Building Size | 49,732 SF |
| Number of Floors | 4 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Vinyl Flooring
Site Amenities
- Business Centre
- Laundry Facilities
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 53 | - | 300 - 350 |
| 1+1 | 14 | - | 425 |
| 2+1 | 3 | - | 680 |
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Garland Towers | 126 Oriole St
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