Liberty Affordable represents an opportunity to acquire a fully stabilized, project based, garden apartment asset in NW Baltimore. The subject property is a Non-Elderly Disabled (NED) designated project with 13 years of funding remaining. The NED development incentive program has been sunset and as a result the demand is higher than supply for NED voucher tenants. The voucher program pays 100% of the tenant's rent and guarantees 2 months worth of vacancy income per unit at turnover. 10 of the 14 units units at Liberty Affordable are dedicated to the NED program. Increases are pegged to Section 8 voucher program. 100% occupied.
The property was gut renovated in 2014 and consists of 14 units with updated kitchens and bathrooms, laminate hardwood floors, black appliances, ceramic tile tub surrounds, replacement vinyl windows, and central heating and air. Unit mix consists of (12) 1 Br-1 Ba, and (2) 2 Br-1 Ba units. Updated plumbing and electrical systems. New roof. All units are self contained and separately metered for gas and electric. Parking and laundry on site. Certified lead free.
