Parkwood Manor 7703 Major Avenue | Norfolk, Virginia
Total Page:16
File Type:pdf, Size:1020Kb
Parkwood Manor 7703 Major Avenue | Norfolk, Virginia OFFERING SUMMARY Affordable Housing Opportunity Investment Summary Placed-in-service under the Low Income Housing Tax Credit (LIHTC) program in Year Built/Renovated 1949/1996 1996, Parkwood Manor reserves units for households with incomes not to exceed 60% of Area Median Income (AMI). The Property has completed its initial tax credit Units 100 compliance period and is subject to an additional 15-year period of compliance Construction Masonry under an Extended Use Agreement which expires in 2026. Zoning R-12 (60 DNL Overlay) Total Rentable SF 69,508 SF Federal Employment Center Average Unit Size 695 SF Positioned in Virginia’s second largest metropolitan area, Parkwood Manor is surrounded by 12 major military bases including Naval Station Norfolk, the world’s Occupancy (August 2017) 94% largest naval base. The region is insulated from the effects of national economic dips In-Place Rent/Unit $765 due to its large military and defense infrastructure. A proposed $50 billion increase to the Department of Defense’s budget promises to have massive effect on the Util. Adj. LIHTC Rent/Unit $856 Norfolk area due to its strong ties to the U.S. Military and defense industry. Max Allowable LIHTC Rent/Unit $911 FMR Rent/Unit $950 Major Private Employers Parkwood Manor is also in close proximity to a number of large private employers. Old Dominion University is with three miles and is one of the largest universities in the state with an enrollment of 24,670 students. Sentara Healthcare is also notably within seven miles and employs over 20,000 doctors and staff. Nearby Shopping Centers Parkwood Manor is within five minutes of shopping at Wards Corner, which features a number of major shopping centers. The Property is within three miles of Harris Teeter, Kroger, Sam’s Club, and a Walmart Supercenter. Transit Location Located just off of Little Creek Road (a major thoroughfare) near the junction of I-64 and I-564. Parkwood Manor offers residents access to an array of retail and entertainment venues as well as major employers via the main transportation arteries in Hampton Roads such as I-64, I-564, I-264, and Route 58. UNIT MIX SUMMARY No. of Rentable In-Place Utility Adj. LIHTC Max Allowable FMR Market Unit Type Units SF Rent/Unit Rent/Unit LIHTC Rent/Unit Rent/Unit Rent/Unit One Bedroom 48 615 $719 $737 $825 $851 $900 Two Bedroom 52 769 $814 $901 $990 $1,041 $1,400 Totals/Wtd. Averages 100 695 $765 $822 $911 $950 $1,160 © 2017 Greysteel 12 5 13 PARKWOOD MANOR 14 564 18 4 6 10 60 11 7 19 64 2 460 15 164 17 8 9 13 3 16 58 1 264 AREA MAP EDUCATION HEALTH SERVICES 14 Sewells Point Golf Course (0.7 Miles) 1 Norfolk State University (5.2 Miles) 7 Bon Secours DePaul Medical Center (1.6 Miles) 15 Virginia Zoological Park (3.1 Miles) 2 Old Dominion University (2.2 Miles) 8 Sentara Norfolk General Hospital (3.8 Miles) SHOPPING 3 Tidewater Community College (4.7 Miles) PARKS & RECREATION 16 MacArthur Center (4.7 Miles) GOVERNMENT 9 Chrysler Museum of Art (4.2 Miles) 17 Palace Shops (3.4 Miles) 4 Joint Expeditionary Base Little 10 Hermitage Museum & Gardens (0.9 Miles) 18 Southern Shopping Center (2.4 Miles) Creek-Fort Story (6.0 Miles) 11 Norfolk Botanical Garden (5.6 Miles) TRANSIT 5 Naval Station Norfolk (2.1 Miles) 12 Ocean View Beach Park (3.7 Miles) 19 Norfolk International Airport (5.7 Miles) 6 Virginia Port Authority (1.4 Miles) 13 Scope Arena (4.5 Miles) 7735 Old Georgetown Road • Suite 301 • Bethesda, MD 20814 202.280.2722 • www.greysteel.com Phoenix • Los Angeles • Denver • Washington, D.C.* • Baltimore • New York • Philadelphia • Dallas • Fort Worth • Norfolk VA License No: 0226023703 *Corporate Headquarters and Transaction Services Center SALES: FINANCE: ALICIA ORKISZ HENRY MATHIES BRENDAN SCANLON Senior Investment Associate Investment Associate Senior Director 202.800.2410 202.996.0772 202.803.5810 [email protected] [email protected] [email protected] For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873) Greysteel, seller, and their respective representatives make no representations or warranties, express or implied, regarding the accuracy or completeness of the information in this Offering Summary. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This offering is subject to prior placement, withdrawal, cancellation or modification without notice. All references to acreage, square footage, and other measurements are approximations and must be independently verified. © 2017 Greysteel.