Elora Gardens at Lynchburg and Petersburg
Location:
35 W Fillmore St, Petersburg VA 23803
& 701 Hollins St, Lynchburg VA 24504
Units: 103 total units:
- 9 two-bedroom units
- 94 one-bedroom units
Financing: Fixed Agency
- Average Interest Rate of 5.4%
Purchase Price: $3.75 million Loan-to-Value (LTV): 70%
Property Details:
- Two Senior 55+ Communities
- 100% LIHTC
- Richmond and Lynchburg MSA’s
- Convenient location with easy commutes to Lynchburg and Richmond
Projected Returns: 15% IRR
Business Plan:
- Focus on cost reduction and maintaining high occupancy (98-100%) through our property management company, Affordable Housing Redefined
- Significant upside potential with rents averaging $100 below market rates.
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