Phone: (415) 800-7487
A 114-unit affordable multi-family community in Vancouver, Washington. It is a well-maintained, existing Section 42 Low Income Housing Tax Credit (LIHTC) property in the desirable Portland MSA. The regulation agreement ends in 2022 at which time we will consider selling or converting the property to markets rents.
Cascade Woods is prominently situated off a major area thoroughfare the property enjoys excellent frontage and visibility in a solid submarket. The community is well-positioned for continued income growth given its solid location and strength in the submarket. Over the last five years, the Effective Gross Income (EGI) has grown each year with an average growth rate of 5.95%. A new owner may also capitalize on the immediate, available rental upside through the installation of washer and dryers in the units.
Cascade Woods I & II was constructed in two phases under the Section 42 LIHTC program; the first phase was completed in 1992 and the second in 1993. Both phases are out of the Initial Tax Credit Compliance Period (TCCP) and only have nine years of extended use period remaining (2022). The property offers spacious two- and three-bedroom, garden-style apartment homes. Cascade Woods residents enjoy the benefits of an onsite leasing office, laundry facility, two children's playgrounds, sport court and a recreation center. The units contain well-equipped kitchens, washer and dryer connections and a private balcony or patio. Additional storage is also available as are garages.
Piedmont/ACM has done a substantial rehabilitation to Cascade Woods I/II. The renovations include a new roof, exterior renovation with new siding/sheathing, a new sport court, compactor, added a fitness center and renovated the clubhouse. We have created a community for tenants through our Facebook page and have added exercise classes and cooking classes turning the clubhouse into a community center for the residents.