Winslow Crossings | 1800 W Fleming St
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Winslow Crossings 1800 W Fleming St
52 Unit Block of Flats For Sale Winslow, AZ 86047
Investment Highlights
- 52-Unit, Garden-Style Property, built in 2005
- Eligible for Market Rent Conversion
- Unit Sizes Range From 839 SF to 1,255 SF
- Rare Opportunity to Acquire a Low-Income Housing Tax Credit (LIHTC) property out of the Initial Compliance Period
- Attractive unit mix of 8 1-Bed/1-Bath, 20 2-Bed/2Bath, and 24 3-Bed/2-Bath
- Severe Supply Shortage of Market Rate Apartments in Winslow
Executive Summary
EXCLUSIVELY REPRESENTED BY ORION INVESTMENT REAL ESTATE - Luke Johanson / Zach Mishkin
Built in 2005, Winslow Crossings is part of the Low-Income Housing Tax Credit program, an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing. LIHTC projects must meet eligibility requirements for 30 years after project completion as owners must keep the units rent restricted and available to low-income tenants. During the first 15 years, called the initial compliance period, owners must maintain affordability. The second 15 years are known as the extended use period, which is when owners can apply to leave the LIHTC program and convert the property to market-rate rental units.
Winslow Crossings is eligible for this market-rate conversion. Wages in Winslow have outpaced the affordability requirements, meaning many of the employees in Winslow make too much money to qualify to live in an affordable housing unit. To find the nearest market-rate apartment to rent, many workers are having to commute from Flagstaff, a town which happens to have the 8th-highest median rent among small cities in the U.S. This lack of supply and increase in demand presents an opportunity to bring market-rate housing to a town that desperately needs it.
Built in 2005, Winslow Crossings is part of the Low-Income Housing Tax Credit program, an indirect federal subsidy used to finance the construction and rehabilitation of low-income affordable rental housing. LIHTC projects must meet eligibility requirements for 30 years after project completion as owners must keep the units rent restricted and available to low-income tenants. During the first 15 years, called the initial compliance period, owners must maintain affordability. The second 15 years are known as the extended use period, which is when owners can apply to leave the LIHTC program and convert the property to market-rate rental units.
Winslow Crossings is eligible for this market-rate conversion. Wages in Winslow have outpaced the affordability requirements, meaning many of the employees in Winslow make too much money to qualify to live in an affordable housing unit. To find the nearest market-rate apartment to rent, many workers are having to commute from Flagstaff, a town which happens to have the 8th-highest median rent among small cities in the U.S. This lack of supply and increase in demand presents an opportunity to bring market-rate housing to a town that desperately needs it.
Property Facts
| Sale Type | Investment | Building Class | C |
| No. Units | 52 | Lot Size | 5.18 AC |
| Property Type | Residential | Building Size | 46,793 SF |
| Property Subtype | Apartment | Number of Floors | 2 |
| Apartment Style | Garden | Year Built | 2005 |
| Sale Type | Investment |
| No. Units | 52 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.18 AC |
| Building Size | 46,793 SF |
| Number of Floors | 2 |
| Year Built | 2005 |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Refrigerator
- Range
- Patio
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- Business Centre
- Fitness Centre
- Laundry Facilities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 839 |
| 2+2 | 20 | - | 1,037 |
| 3+2 | 20 | - | 1,255 |
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PROPERTY TAXES
| Parcel Number | 103-13-001E | Improvements Assessment | £283,421 |
| Land Assessment | £6,611 | Total Assessment | £290,032 |
PROPERTY TAXES
Parcel Number
103-13-001E
Land Assessment
£6,611
Improvements Assessment
£283,421
Total Assessment
£290,032
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Winslow Crossings | 1800 W Fleming St
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