Affordable Housing Portfolio Springfield 3 Multifamily Properties in Springfield, MA

This exceptional affordable housing asset has 127 residential units: (120) 1-bedroom/1-bathroom units; (7) studios and (3) commercial spaces.
The current offering has a project based section 8 contract covering 100% of the apartments, with a minimum designation of 40% of the units at 60% AMI. The property is governed by a 15 year full Mark-to-Market renewal contract expiring on December 31, 2032; at which time the property will be eligible to enter into a new HAP contract under Section 524(b)(1). The property underwent a full Mark-to-Market restructuring in 2002 under the Multifamily Assisted Housing Reform and Affordability Act of 1997 and is subject to the Mark-to-Market use agreement through 2032.The current rents are substantially below market, and the new owner will realize a significant increase in NOI following the issuance of a new HAP contract in 2032.
Boasting an impressive REAC score of 96, the property features upgraded mechanical systems, on-site laundry, & security systems. A recent investment of $270K in energy-efficiency improvements Including but not limited to: attic insulation, low-flow fixtures, & door sealing-has enhanced operating efficiency & NOI.Owned and meticulously maintained by the same owner for over 20 years, it has been thoughtfully operated and cared for, offering the new owner a positive outlook on future capex, upside potential through operational efficiencies, and aforementioned rent increase following the execution of a new HAP contract. Two of the three buildings are listed on the National Register of Historic Places, adding to optionality surrounding future LIHTC/Historic Tax Credit redevelopment.

519 Main St features 64 apartments, newer hot water heaters 22/23, a RUUD AC for commercial space, & a roof under 10 years old.
64 Myrtle St is a stunning adaptive reuse of a former school, comprised of 39 apartments (including 5 loft-style), a roof under 7 years old, high-efficiency Grundfos pumps, & a 2022-installed ACV Prestige 6 Weil-McLain system w dual storage tanks.
11 Acushnet Ave a beautiful adaptive reuse of a former school, comprised of 24 apartments w a roof under 10 years old & a Prestige Triangle Tube system w a 100-gallon indirect hot water heater (2015 install).