Caitlin Station & Washington Square

Capstone is pleased to present Caitlin Station and Washington Square, a two-property portfolio totaling 104 units in Shelby, North Carolina. Constructed in 2002 and 2003, the portfolio operates in conformance as a Low-Income Housing Tax Credit (LIHTC) project, limiting 100% of units to 60% AMI. Participation in this affordable housing program ensures investors are acquiring high-quality assets that meet the strenuous criteria required to be eligible for tax credits. Although rent restrictions are in place, market rents at both properties trail the Max Allowable Rents by $170 for two-bedroom units and $228 for three-bedroom units. This presents new ownership the opportunity to immediately raise rents and substantially increase rental income, while still staying below the Max Allowable Rents for the area. As the northwest neighbor to Charlotte, Shelby’s prime location provides convenient access to major metropolitan areas like Charlotte, Greensboro, and Asheville. Having a favorable location with access to major demand drivers coupled with positive renter demographics, Caitlin Station and Washington Square present a premier investment opportunity.

Investment Highlights:

Immediate Rent Growth Achievable as Affordable Rents Trail Max Allowable

Attractive In-Place Financing Option

Favorable Renter Demographics

Surrounded by Demand Drivers