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Courthouse Senior Apartments

6500 Fore Circle
Chesterfield, VA 23832

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Asset Class: Multifamily, Section 42

Size: 69 units

Year Built: 2004/2005


Acquisition Date: March, 2021
Acquisition Cap Rate: 5.75%

Proposed Capital Structure:
Debt: 75%
Equity: 25%

INVESTMENT HIGHLIGHTS

  • Strong physical occupancy history averaging 98% over the last 24 months
  • Solid senior resident profile; highly durable income stream
  • Low 18% annual resident turnover rate
  • Opportunity to lock in historically low 3.25% debt for 10-12 years

Market Overview:

Courthouse Senior is a 69-unit affordable housing community located in Chesterfield, VA. Situated just twenty-five minutes from Richmond’s Central Business District, Chesterfield residents enjoy high quality schools with Chesterfield County Public School system ranked #20 in the state according to Niche.com. Economic drivers in the Richmond MSA include 7 Fortune 500 and 3 Fortune 1000 companies, including Genworth Financial and Altria Corporation. Residential occupancy rates in the sub-market hover in the mid to high 90% range.

Property Description:

Courthouse Senior is comprised of seventeen, single-story multifamily apartment buildings and features a serene campus like setting on nine and a half acres. The community offers a well balanced mix of one-bedroom one bath and two-bedroom one and a half bath apartments totaling approximately 47,000 rentable square feet. Amenities include a business center, clubhouse, onsite laundry facility, barbecue and picnic area and leasing office.

The community provides affordable housing to seniors earning no more than 60% of Chesterfield County AMI (area median income).

The Opportunity:

Courthouse Senior will provide investors with the opportunity to acquire a stabilized asset at well below replacement cost in a thriving suburb of Richmond, VA. Reducing existing loss-to-to lease coupled with more aggressive expense management will bolster investor returns going forward. We anticipate investor cash on cash returns in excess of 7% year one with subsequent increases as we benefit from fixed debt service payments for the term of the investment.

River Run Apartments Fully Subscribed

1228 South 17th Street
Laramie, WY 82070

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Asset Class: Multifamily, Section 42

Size: 64 units

Year Built: 2004/2005


Acquisition Date: May 1, 2020
Acquisition Cap Rate: 7.02%

Proposed Capital Structure:
Debt: 75%
Equity: 25%

p>Market Overview:

River Run Apartments I & II is a 64-unit affordable housing community located in Laramie, WY. The property is located minutes from schools, shopping, Interstate 80, and the University of Wyoming. Phase I of the property was built and placed in service in 2004 and Phase II of the property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which requires all units to be rented to income qualifying residents earning no more than 40%, 45%, 50%, and 55% of Area Medium Income (AMI) limits, which are provided by the Wyoming Community Development Authority.

Property Description:

The property offers two, three, and four-bedroom apartment homes complete with a fully equipped kitchen with a patio/balcony, walk-in closets, and extra storage. Community amenities include an on-site leasing office, on-site maintenance, computer room, fitness center, on-site laundry facility, playground, & picnic area.

Laramie is a city in Albany County, Wyoming with a population of 32,104. Located on the Laramie River in southeastern Wyoming, the city is west of Cheyenne, at the junction of Interstate 80 and U.S. Route 287.

Laramie was settled in the mid-19th century along the Union Pacific Railroad line, which crosses the Laramie River at Laramie. It is home to the University of Wyoming, Wyoming Technical Institute, and a branch of Laramie County Community College. Laramie Regional Airport serves the area. The ruins of Fort Sanders, an army fort predating Laramie, lie just south of the city along Route 287. Located in the Laramie Valley between the Snowy Range and the Laramie Range, the city draws outdoor enthusiasts because of its abundance of outdoor activities including skiing, snowmobiling, mountain biking, hunting, fishing, and hiking.

The Opportunity:

McKee Private Capital continued to expand its geographic footprint, entering Wyoming for the first time in May, 2020, and expanding our LIHTC tax credit portfolio. River Run was packaged with another asset, Capital Greens Apartments, located in Cheyenne, WY and we were able to purchase both assets at favorable terms. We also benefited from historically low interest rates, locking in a 3.27% rate on a 10 year fixed term with Freddie Mac. Year 1 investor dividends are projected at 7.5% annually.

We have retained the services of Syringa Property Management located in Boise, Idaho, a specialist in LIHTC properties, and active in the Wyoming market.

Capital Greens Apartments Fully Subscribed

940 West College Drive
Cheyenne, WY 82007

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Asset Class: Multifamily, Section 42

Size: 66 units

Year Built: 2005


Acquisition Date: May 1, 2020
Acquisition Cap Rate: 7.02%

Proposed Capital Structure:
Debt: 75%
Equity: 25%

Market Overview:

Government is the largest sector of Cheyenne’s economy. The state of Wyoming operates a multitude of offices in downtown Cheyenne. Many area residents are employed by or are dependent on the U.S. Air Force, through F.E. Warren Air Force Base to the west of the city, and by the Wyoming National Guard. Railroads remain a major economic force for the city, with both the Burlington Northern Santa Fe and Union Pacific employing many residents. Lowe’s and Wal-Mart both operate distribution centers on the city’s outskirts. Sierra Trading Post is headquartered in the city and also operates its distribution and fulfillment centers in the city. In addition, because of the towns cooler summers and abundant electricity supplies (both renewable and non-renewable), Cheyenne has been able to attract a number of data centers including the NCAR supercomputing center, along with a Microsoft data center, powered by bio gas, and Green House Data’s data centers powered by wind energy.

Property Description:

Capital Greens Apartments consists of 12 two-story apartment buildings situated on a 5.52-acre parcel located in Cheyenne, Wyoming. Cheyenne is the capital city in Wyoming, the county seat of Laramie County, and the principal city of the Cheyenne, Wyoming, Metropolitan Statistical Area which encompasses all of Laramie County. It is located 102 miles north of Denver and has a population of 63,957, making it the most populous city in the state. Cheyenne is the northern terminus of the extensive and fast-growing Front Range Urban Corridor that stretches from Cheyenne to Pueblo, Colorado, and has a population of 4,333,742.

The Opportunity:

McKee Private Capital continued to expand its geographic footprint, entering Wyoming for the first time in May, 2020, and expanding our LIHTC tax credit portfolio. Capital Greens was packaged with another asset, River Run Apartments, located in Laramie, Wyoming, and we were able to purchase both assets at favorable terms. We also benefited from historically low interest rates, locking in a 3.25% rate on a 10 year fixed term with Freddie Mac. Year 1 investor dividends are projected at 7.5% annually.

We have retained the services of Syringa Property Management located in Boise, Idaho, a specialist in LIHTC properties, and active in the Wyoming market.

Autumn Run Fully Subscribed

4101 Central Avenue
Greats Falls, MT 59405

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Asset Class: Section 42 Affordable Housing Community

Size: 121 Units

Year Built: 1999


Acquisition Date: October, 2019 (Projected)
Pro Forma Cap Rate: 5.95%

Proposed Capital Structure:
Debt: 75%
Equity: 25%

Market Overview:

Great Falls is the third largest city in Montana and home to nearly 60,000 residents. Located in Central Montana, Great Falls offers the charm of a small town with the benefits of a larger city. Centrally located between two of Montana’s iconic national parks; Glacier National Park and Yellowstone National Park, Great Falls serves as a hub for visitors exploring the state. A wide variety of employment opportunities contribute to the high qualify of life that Great Falls enjoys. Defense is a leading economic driver for the region due to the presence of Malmstrom Air Force Base. The AFB helps maintain the nation’s intercontinental ballistic missiles and operates missile alert facilities. Generating an annual economic impact of $350 Million, Malmstrom AFB is the largest employer in the area with military personnel accounting for nearly 10% of the Great Falls workforce.

Property Description:

Autumn Run is comprised of ten, two-story multifamily apartment buildings. The community features a well- balanced mix of one, two and three-bedroom apartments totaling approximately 99,000 rentable square feet. Autumn Run provides affordable housing to families earning no more than 60% of Cascade County’s AMI (area median income). Ownership must lease to renters within this prescribed income cap.

The Opportunity:

Autumn Run will provide investors with the opportunity to acquire a high quality, stabilized asset, at well below replacement cost. Modest rent increases coupled with more efficient management practices will bolster investor returns over the 10 year life of the investment. We anticipate investor cash-on-cash returns in excess of 7% year one with subsequent annual increases as we optimize operations and grow income over the term of the investment.

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McKee Properties

Office Location
1001 B Avenue, Suite 203
Coronado, CA 92118

Mailing Address
P.O. Box 180980
Coronado, CA 92178-0980

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