Boardwalk and College Terrace

Capstone Apartment Partners is pleased to present the unique
offering of Boardwalk & College Terrace: a 106-unit, partially
affordable community located in Fort Smith, Arkansas. Built in 1972, Boardwalk
& College Terrace represent a fantastic opportunity to acquire two
properties at once. Tenants of Boardwalk benefit from HUD rental assistance,
while ownership takes advantage of vacancy reimbursements and turnover expense
alleviation. This HUD program has proven to be so lucrative for owners that HUD
no longer offers it to newly applying properties, thereby increasing the
desirability of this asset even further. College Terrace is an under-rented,
market rate property primed for a market proven value-add initiative to achieve
immediate rent growth. The combination of Fort Smith’s growing economy and
Boardwalk & College Terrace’s prime location makes this a one-of-a-kind
offering.

Investment Highlights:

Light Value-Add Opportunity

Organic Growth in Submarket

Prime Location & Strong Fort Smith Economy