Brandon Grisham
Senior Managing Director
WA License #: 98101
253.653.3313
brandon.grisham@berkadia.com
Mark Boyce
Senior Managing Director
SC License #: 57243
843.628.3765
mark.boyce@berkadia.com
Mike Terry Director
MT License #89005 425.761.1640 mike.terry@berkadia.com
Multifamily LIHTC Property Offering 1, 2, & 3 Bedroom Apartments with a HAP Contract In Place Covering 60 Units
Richland County has Experienced an Increase of 45.28% in FMR on One, Two, & Three Bedrooms Since 2018
Strong AMI Growth in Richland County with an Overall 24.32% Increase Since 2018
Property is Past its Initial 15-Year LIHTC Compliance Period and is Eligible for Resyndication
Over $1 Million in Recent Renovations have been Completed at the Property Including, Replacing Aluminum Wiring, Roofs and Balconies, and Exterior Stairwells
Gable Oaks Apartment Homes is a 200-unit affordable housing community located in Columbia, SC. The property is conveniently located minutes from major retailers including Walmart Supercenter and Trader Joe’s. Numerous restaurants, outdoor recreation, schools, and major transportation arteries are nearby as well.
The property was built in 1971 and rehabbed and placed in service in 2000 under the Section 42 LowIncome Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by South Carolina State Housing Finance and Development Authority.
Additionally, the property is also a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of November 1, 2016 and provides assistance for 60 units. Within the contract, Section 2(b) states that the contract runs for an effective term of 20 years.
Gable Oaks Apartment Homes offers one, two, and three bedroom apartment homes featuring high speed internet access and air conditioning. Community amenities include laundry facilities, an on site property manager, business center, a clubhouse, fitness center, and playground.
• In 2016, Gable Oaks underwent over $5.1M in renovations and new construction. Renovations included the updating of 192 existing apartment units, parking areas and site amenities. New construction consisted of a 3,700 square foot community building and a new 6,750 SF apartment building housing 8 units.
• Renovations to the existing 192 units included new cabinets, counter-tops, painting, flooring, lighting, ceiling fans, appliances, vanities, toilets and tub surrounds (where needed). Repairs and or replacement of PTAC units, hot water heaters, doors and tubs were also completed on an as needed basis. On the exterior of these buildings, 23 new roofs were installed and the exterior sheathing / stairs were also repainted / repaired.
• The new community building houses two management offices, a computer lab, restrooms, a service kitchen, and a 1,250 square foot assembly area for the residents. Behind the community building, a new 900 square foot patio/ courtyard was constructed to provide a location for gathering and recreation. Additionally, a new mailbox kiosk was constructed for all resident mail services.
• A new apartment building contains (8) 2-bedroom units, replacing a building that was damaged by a fire in 2014. The new apartment building includes a fully handicap accessible unit and a unit specifically designed for the hearing impaired.
• The existing laundry and maintenance building also received exterior improvements including a new roof and repairs to the siding and doors. The interior was reconfigured; expanding the area for maintenance.
• In 2017, additional amenities were added including a new playground and surveillance system.
• In April of 2018, a second building previously renovated (Building 4) was heavily damaged by fire. The building was reconstructed and upgraded in 2018 and completed in March 2019. Both new buildings contain sprinkler systems.
• In 2024, over $1 million in recent renovations have been completed including, replacing aluminum wiring, roofs and balconies, and exterior stairwells.
• May 27, 2025 - Last day SC Housing will accept waiver requests.
• June 6, 2025 - Answer to waiver requests will be posted.
• June 27, 2025 - Full Applications are due by 5:00 p.m. (EST) along with the application fees as detailed in the 2024 Qualified Allocation Plan.
• September 30, 2025 - SC Housing will post final ranking for the full applications received.
• December 15, 2025 - Preliminary Resolution drafts submitted to SC Housing’s legal team.
• January 2026 - Preliminary Resolution brought before the SC Housing Bond Committee Meeting. Members from the development team and bond counsel will need to be in attendance. If approved, SC Housing will forward 42M Letter and STC Preliminary Determination Letter.
• February 2026 – Complete Bond package due to SFAA.
• March 2026 - Approval from SFAA. Members from the development team and bond counsel will need to be in attendance.
• April 16, 2026 – Final Resolution drafts submitted to SC Housing’s legal team.
• May 6, 2026 - Recommendation from SC Housing Bond Committee to receive Final Resolution from SC Housing Board. Members from the development team and bond counsel will need to be in attendance.
• May 20, 2026 - Receive Final Resolution from SC Housing Board. Members from the development team and bond counsel will need to be in attendance.
• November 30, 2026 – Bond Closing must be complete.
1BD/1BTH
2BD/1BTH
15,000
EMPLOYEES
1400 Pickens St., Columbia, SC 29201
Prisma Health is South Carolina’s largest private, non-profit healthcare system.
• 2,947 beds statewide
• Serves roughly 1.5 million patients annually
The University of South Carolina is the largest institution of higher learning in the state.
6,400
EMPLOYEES
• $4.2 billion economic impact
• 35,470 students enrolled
• Roughly 28,790 students in need of off-campus housing
2720 Sunset Blvd., West Columbia, SC 29169
7,900 EMPLOYEES
Lexington Medical Center anchors a healthcare network that includes 5 community medical centers and has been recognized as a top performing hospital.
• 557 beds
20,000 EMPLOYEES
2400 Jackson Blvd., Columbia, SC 29207
Fort Jackson is the largest and most active Initial training Center of the U.S. Army.
• $2.3 billion economic impact statewide
• 52,000 acres
SISTERS OF CHARITY PROVIDENCE HOSPITAL 2435 Forest Dr., Columbia, SC 29204
• 3,100 workers • 258 beds
Alpine Rd., Columbia, SC 29209
THE BULLSTREET DISTRICT
1640 Freed St., Columbia, SC 29201
Construction continues on South Carolina’s first gigabit community. The 181-acre development features commercial and residential space.
• Expected to generate $1.2 billion in economic activity
• Projected to create 11,000 new jobs
• Features 125,000 SF of office space and retail space, as well as 3,500 residential dwellings
• 20-year revitalization project
• Scheduled to be completed by 2034
The University of South Carolina is developing one of the largest projects in school history. The new housing complex will encompass eight residential halls with a mix of amenities such as dining options, retail areas, and more.
• $460 million investment
• 3,750 student housing beds
• 945-space parking facility
1607 Main St., Columbia, SC 29201
The Nickelodean is an art-house theater that hosts film festivals, annual meetings, parties, corporate events, and more.
• Total capacity of 206
1644 Main St., Columbia, SC 29201
Tapp’s Art Center is a hub for visual and performing arts. The center boasts more than 30 studios, a multi-use performance venue, and a huge gallery.
• 32 artist studios
1515 Main St., Columbia, SC 29201
The CMA is internationally renowned and offers a variety of exhibitions and events.
1051 Greene St., Columbia, SC 29201
2,000+ SEAT THEATER
5.1 MI.
The Koger Center for the Arts is used for various functions including the State of the State Address, The South Carolina body Building Championships, The South Carolina Science Fair, and other events.
80,000-SEAT STADIUM
500 Wildlife Pkwy., Columbia, SC 29210
The Riverbanks Zoo and Garden is a zoo, aquarium, and botanical garden.
• 1 million annual visitors
• Home to more than 2,000 animals 5.9 MI.
1644 Main St., Columbia, SC 29201
• 16th largest on-campus college football stadium in the NCAA 7.0
Williams-Brice Stadium is the home football stadium for the South Carolina Gamecocks, the college football team representing the University of South Carolina.
COLUMBIA METROPOLITAN AIRPORT (CAE)
3250 Airport Blvd., West Columbia, SC 29170
Transportation in Columbia in serviced by CAE. The airport is a key economic driver in the region.
• $748 million annual economic impact
• 437,186 passengers in 2023
• Supports 6,640 direct and indirect jobs
THE COMET-CENTRAL MIDLANDS TRANSIT
The COMET serves as Columbia’s regional bus system.
• 34 bus routes
• Serves more than 2.8 million passengers annually
Sources: Berkadia Research; Tetrad; Real Page; City of Harlingen CAFR 2021 .
Sources: Berkadia Research; Tetrad; City of Columbia ACFR 2024
*The unit mix above was based on the 11/30/24 rent roll and the 11/1/24 HUD Rent Schedule. LIHTC rents represent the average leases received. Proforma Rents
units and a 3% increase for LIHTC units.
LIHTC Regulatory Agreement: 100% of units at 60% AMI with restrictions running through December 2030.
Bond Regulatory Agreement: 40% at 60% AMI, with restrictions running through the later of i) 15 years after the close of the compliance period, ii) when no tax-exempt bonds are outstanding, or iii) the end of the qualified project period.
HAP Renewal Contract (SC16M000108): Option 2 contract covering 60 units through October 31, 2036.
Gable Oaks Apartment Homes is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 60% of the local Area Median Income (AMI) for the county.
Asking Rent to Max Net TC Rents
$55,000
Brandon Grisham
Senior Managing Director
WA License #: 98101
253.653.3313
brandon.grisham@berkadia.com
Mark Boyce
Senior Managing Director
SC License #: 57243
843.628.3765
mark.boyce@berkadia.com
Mike Terry Director
MT License #89005
425.761.1640
mike.terry@berkadia.com
The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.
This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.
Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.
All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.
The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.
For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
© 2024 Berkadia Proprietary Holding LLC
Berkadia®
