The Landing of Clinton
Clinton, IA
190-unit, property-tax abated townhome apartment community located near major employers, retail, and restaurants.
Property Description:
| Status: | Currently Owned & Operated |
|---|---|
| Type: | Market Rate Housing |
| Location: | Clinton, IA |
| Class Type: | Class B-B+ |
| Purchased: | May 2020 |
| Units: | 190 |
Investment Highlights
| Original Investment Date: | May 2020 |
|---|---|
| Cash on Return - Year 1 | 24.0% |
Investment Background
The Landing of Clinton is a 190-unit townhome apartment community built in 2016-2019, offering five years of property tax abatement. The property offers one, two, and three bedroom townhomes located near major employers, as well as newly developed retail and restaurants.
Execution
The property was purchased from the original developer with attractive assumable financing in place. The developer was not an experienced manager and we were quickly able to move occupancies from mid-80% to upper 90%, while increasing rents.
Results
The asset generated cash-on-cash returns during the first 12 months of operation of 24%. Tax abatement will extend until the 2025-26 tax year.
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