Click Here to View Offering Materials: Nela Manor
Capstone Apartment Partners is pleased to present the Nela Manor Apartments—a 35-unit affordable asset with a 20-year HAP contract. The HAP contract provides guaranteed rental income from the U.S. Department of Housing and Urban Development (HUD), and the monthly rate is well above comparable market rate assets in the immediate submarket. The property is a well-positioned along West Market Street (22,000± VPD) and less than five minutes from downtown Akron. Nela Manor has consistently been 100% occupied as current ownership has done an outstanding job of maintaining quality low-income housing units for its residents. The current HAP contract runs through August 1st, 2023 and can easily be renewed for 1-20 years: depending on the preference of incoming ownership. Nela Manor boasts outstanding cash flow and is an excellent opportunity for incoming investors to break into the affordable market or continue to grow their current portfolio.
Existing Value Propositions
Guaranteed Above Market Rental Income
Well-Maintained Consistently 100% Occupied Asset
5 Minutes from Downtown Akron