406-408 Fairway Mdws
Marshall, MI 49068
Fairway Meadows Apartments · Immeuble residentiel Propriété À vendre · 22 Unités

Hull Multifamily Advisors (HMA) is pleased to present the exclusive offering of Fairway Meadows, a 22-unit affordable housing community located in Marshall, Michigan. Constructed in 2002 (Fairway Meadows I) and 2004 (Fairway Meadows II), this two-building Section 42 LIHTC property features a desirable unit mix consisting of (2) 820 SF one-bedroom/one-bath apartments, (10) 1,000 SF two-bedroom/two-bath apartments, and (10) 1,156 SF three-bedroom/two-bath apartments. Residents enjoy several community amenities, including balconies (select units), ample parking, and in-unit washers and dryers. Current ownership is responsible for utilities, with built-in utility allowances helping offset a portion of these expenses.

Fairway Meadows is being offered as a stabilized, cash-flowing affordable housing asset that is 100% occupied at the time of listing, while providing a compelling long-term value-add opportunity. Most notably, the property's LURA Agreements are scheduled to expire in 2033 for Fairway Meadows I and 2035 for Fairway Meadows II, creating the potential for a future transition to market-rate housing. This conversion could provide a new ownership group with the opportunity to increase rents, significantly enhance annual cash flow, and create substantial additional value. With a strong occupancy history, attractive location, and clearly defined path toward potential market-rate conversion, Fairway Meadows offers investors an exceptional combination of current cash flow and long-term upside. Please contact HMA for additional information on this compelling investment opportunity.