Mallard Cove and Parkwood (the “Properties”) offer investors an exceptional opportunity to acquire the fee simple interest in two highly desirable multi-family properties totaling 112 units (56 units each) in the Boise, Idaho MSA, which is one of the fastest growing markets in the country.  Both properties offer excellent amenities, opportunity for upside, and are being offered at significantly below replacement cost. 

With 10 years of continuous ownership, the properties are great candidates for the preservation of existing affordable housing units with a new tax credit allocation.  Alternatively they are also a great opportunity for a conventional investor to operate “as is”. 

Currently, both properties are in the Low Income Housing Tax Credit (“LIHTC”) program although all of the tax credits have been delivered and the tax credit compliance period is scheduled to expire on December 31, 2009.

Acquisition financing may be available through CBRE under HUD/FHA’s mortgage insurance program, Section 223(f).  This attractive loan program can provide a fully amortizing loan with a term up to 35 years and debt service coverage of 1.17x.  CBRE HMF, Inc. is an approved HUD/FHA multifamily mortgagee.  For further information please call Jayne Hulbert, Senior Vice President, at 415.772.0331 or email at jayne.hulbert@cbre.com for details. 

© CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.