Atherton Woods Apartment

Atherton Woods
4719 NE 72nd Avenue
Vancouver, WA 98661

Investment Overview

INVESTMENT HIGHLIGHTS

In Year 17 of Tax Credit
Compliance Period


Three Year Average Vacancy -
4.0%


Below Maximum Allowable Tax
Credit Rents


Washer and Dryer Hookups in
Units


Clark County Unemployment Rate
Down 3.4% Year to Date

The Tax Credit Group of Marcus & Millichap is pleased to offer for sale Atherton Woods, a 102-unit affordable multifamily community in Vancouver, Washington. Atherton Woods is a well-maintained asset strategically located less than 15 miles from Portland, Oregon. The property is advantageously located off of both Interstate 205 and State Highway 500, offering convenient access to all nearby employment and retail centers. This asset represents an excellent opportunity for an investor to acquire a well-maintained, existing Section 42 Low Income Housing Tax Credit (LIHTC) property in the desirable Portland MSA. A buyer may place new financing on the asset. Atherton Woods was constructed in 1994 under the Section 42 LIHTC Program. The property must abide by the rent and income restrictions per the extended use agreement. These restrictions are in place until December 31, 2031. The initial Tax Credit Compliance Period (TCCP) expired on December 31, 2009. Atherton Woods boasts both 2 and 3 bedroom apartment homes; there are 72 two-bedroom, one-bath, and 30 three-bedroom, two-bath apartment homes at the property. The 102-unit community offers a desirable amenity and unit feature packages, including washer and dryer connections in every unit, private balconies and patios, European cabinets, and ceiling fans. Residents also enjoy the benefits of a clubhouse, children’s playground and recreation room, laundry facilities, and ample covered parking.

Vancouver is a city located on the northern bank of the Columbia River in Washington State and forms part of the Portland-Vancouver metropolitan area -- the 23rd largest metropolitan area in the US. The city lies just 13 miles north of Portland, Oregon and shares a similar climate. Because of its proximity to Portland, many people who live in Vancouver commute to Portland for work. Vancouver contains the corporate headquarters for Nautilus, Inc. and The Holland (which is the parent company of the Burgerville, USA restaurant chain). The largest employers in the city are Vancouver Public Schools, Evergreen Public Schools, Southwest Washington Medical Center, County of Clark, HewlettPackard, Fred Meyer, Wells Fargo, and Kaiser Permanente. The most common industries in Vancouver are construction, computer & electronic products, health care, and educational services. Vancouver has two interstate freeways, I-5 and 1-205, which both run north-south, across the Columbia River into Portland and toward Seattle. It also has two heavily travelled state highways within the city limits – SR 14 and SR 500. Atherton Woods is located with easy freeway and busline access, providing convenient access to Vancouver Mall, restaurants, entertainment, and schools. The Port of Vancouver USA operates a port on the Columbia River, which separates Oregon to the south and Washington to the North. It handles over 400 ocean-going vessels annually. Vancouver’s mass transit system is C-TRAN, the Clark County Public Transportation Benefit Area Authority, which operates 135 buses, vanpools, and paratransit vehicles. There are also a number of express routes into Portland’s downtown. Amtrak, the national passenger rail system, provides service to Vancouver with three routes – the Coast Starlight, the Empire Builder, and the Amtrak Cascades. The nearest commercial airport is Portland International Airport.

Affordable Restrictions

Atherton Woods currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC)
program, and has an extended use agreement in place requiring that at least 53 of the units be rented to tenants earning no more than 50% of the local Area Median Income (AMI), and 49 of the units be rented to tenants earning no more than 60% AMI. Although the initial Tax Credit Compliance Period (TCCP) expired on December 31, 2009, there are extended use restrictions in place until December 31, 2031. The buyer must agree to maintain the affordability restrictions under the Section 42 program through the extended use period. This will include but not be limited to operating the property in compliance with all state and federal regulatory agreements.

Low Income Housing Tax Credit Rent/Income Limits and Utility Allowances

2011 Clark County, WA (Portland-Vancouver-Hillsboro, OR-WA MSA)

4-Person Area Median Income: $72,000

Income Limits50% of AMI60% of AMI
1 Person $25,350 $30,420
2 People $29,000 $34,800
3 People  $32,600 $39,120
4 People $36,200 $43,440
5 People $39,100 $46,920
6 People $42,000 $50,400

 Rent Limits & Utility Allowances for 50% AMI

Unit TypeMaximum RentUtility AllowanceMaximum Net Rent
2 Bedrooms$815$86$729
3 Bedrooms$941$103$838

 Rent Limits & Utility Allowances for 60% AMI

Unit TypeMaximum RentUtility AllowanceMaximum Net Rent
2 Bedrooms$978$86$892
3 Bedrooms$1,129$103$1,026

THE OFFERING

PropertyAtherton Woods
Property Address

4719 NE 72nd Avenue

Vancouver, WA 98661

Accessor's Parcel Number108130.000 and 108150.000
ZoningR-30

SITE DESCRIPTION

Number of Units102
Number of Buildings

11 Plus Clubhouse

Number of Stories3
Year Built 1994
Rentable Square Feet95,586
Lot Size 5.27 Acres
Density19.4 Units/Acre
Parking166 Spaces (100 covered)
Parking Ratio1.63 Spaces/unit
LandscapingLawns, Shrubs, Beds, Tress
TopographyMostly Level and at Grade

UTILITIES

WaterCity of Vancouver
PhoneComcast Qwest
ElectricClark Public Utilities

Construction

FoundationConcrete
FramingWood
ExteriorVinyl
Parking SurfaceAsphalt
RoofAsphalt Shingles

Mechanical

WiringCopper
Fire ProtectionIndividual Smoke Protectors

Amenities

COMMON AREA AMENITIES

Recreation Room & Children's Playground

Laundry Facilities

Ample Covered Parking

Disability Access

Club House

Unit Amenities

Private Balconies & Patios

Dishwasher

European Cabinets

Washer / Dryer Hookups

Ceiling Fans

Property Photos

Area Maps

Local Map

Regional Map

Floor Plans

Aerial Photo

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