Download Offering Materials: Settlers Ridge
Capstone Apartment Partners is pleased to present Settlers Ridge, a fully affordable 64-unit garden-style multi-family asset located in Urbana, OH. Settlers Ridge operates in conformance as a Low-Income Housing Tax Credit (LIHTC) project, limiting all units to 42% AMI caps. Participation in this affordable program ensures investors are acquiring a high-quality asset that meets the strenuous criteria required to be eligible for tax credits. Although rent restrictions are in place, rents currently trail the Max Allowable AMI Caps by 33%+. This presents new ownership the opportunity to raise rents and substantially increase EGI. Additionally, the asset is located firmly within a growth market supported by a strong manufacturing presence. There is tremendous operational upside for Settlers Ridge through re-syndication of the tax credits, as the property is nearing the end of its extended use period (expires 2026).
Subject Nearing End of Extended Use
Opportunity to Raise Rents to Max Allowable AMI Caps
Robust Economic Drivers