|Last Updated Date||04 Feb 2020|
Greenbriar Commons was redeveloped under Section 42 of the Internal Revenue Code. Under this code, the Property will receive low-income housing tax credits (LIHTC) until December 31, 2023 in return for restricting occupancy to residents who earn no more than specific Area Median Income (AMI) levels at rents deemed affordable to residents within those income levels. 274 units (100%) are rent and income restricted at 60% AMI.
- Greenbriar Commons offers investors an excellent
- opportunity to generate attractive in-place yield, while also capitalizing on long-term upside from a market-rate conversion at the end of 2023. The Property benefits from comparatively large floorplans and a new investor can capitalize on an immediate mark-up-to-market opportunity, based on recent leasing and a survey of nearby comparable properties.