The 79-unit McClellan Loft Apartments is the first phase of the 180-unit market rate apartment community located in Anniston, Alabama. McClellan is a 10-thousand-acre master planned community consisting of residential, commercial, industrial, educational, research, and technology development. McClellan is the recreational center for the City of Anniston, with an 18-hole golf course, aquatic/fitness center, sand volleyball venue, soccer and baseball fields, ¼ mile athletic track, 800-acre mountain bike track, 900-acre horse park, numerous city parks, and a national forest.
The phase I of the McClellan Lofts includes 7.79 acres, 8 historic structures, 79 apartment units with 50 one-bedroom and 29 two-bedroom units, oversized windows, 10’ to 25’ tall ceilings, open floor plans, modern kitchens and baths, exposed ceilings, ceiling fans, all within a unique architectural design.
The amenities include: Clubhouse (South Beach Volleyball), cardio center, pickleball courts, car wash, bike wash rack, dog wash, fenced dog park, indoor bike storage rack, grilling stations, walkable neighborhood, and a country club lifestyle. The McClellan amenities listed above are all within a short walk or bike ride from the community.
The demand for market rate apartment units in the city and county is high with no new apartment communities being built in well over 10 years.
This is a historic tax credit project located within a Federal Opportunity Zone (OZ). All eight buildings are on the National Registry of Historic Places qualifying the buildings for both State and Federal historic tax credits. OZ tax benefits require capital gain income be invested and the property be held by the investors for 10 years from the date of the investment.
The investors $3 million in equity will be repaid first as a priority before profits are disbursed.
The $3 million investment will complete the equity requirement for the project. The appraised value of the project at stabilized occupancy is $19,629,786.00. The development cost is $18,631,920 with a construction loan of $9,650,000 (52% loan to cost). The equity requirement is $8,981,920.00. The $3 million is 33% of the equity needed for the project.
We are developing market rate apartments, independent living and assisted living communities in 3rd and 4th tiered markets. Traditional multifamily developers are focused on metropolitan areas and 2nd tiered markets. For this reason, there is a high demand for quality market rate housing in these markets. We have numerous apartment and senior housing projects in our pipeline located in communities that are the retail, medical, education, and distribution centers for their region. These projects are located in Louisiana, Alabama and Georgia.
Ready to Ask For Funding for your company?
Post a Funding Request