Built in 1995, Periwinkle Creek offers one, two, and three bedroom apartment homes that average 869 square feet. Residents enjoy a number of amenities, including a clubhouse, an on-site leasing office, children's playground, and garages. In addition to an onsite laundry facility, the two and three bedroom units are all equipped with washer / dryer hookups. Dishwashers are included in each unit, extra storage is available, and each unit also has a balcony or a patio. The units are in good condition and the grounds are well kept, making it ideal for a new owner to focus on adding value and increasing cash flow by improving on a higher than average expense ratio.
Periwinkle Creek was built and placed into service under the Section 42 Low-Income Housing Tax Credit program and has an existing extended use agreement in place until January 1, 2044. The units are set aside for residents who make no more than 50% or 60% of the local Area Median Income (AMI). Please see the Periwinkle Creek Rent Calculation in the Financial Analysis Section for further details on max net rents. The qualified purchaser can be a non-profit or for-profit entity who agrees to maintain the affordable housing units and fulfill all requirements of the existing extended use agreement.
Well located near Interstate Highway 5, Periwinkle Creek offers easy access to area amenities. The property has major retail and neighborhood services nearby, including the Heritage Mall Shopping Center and Albany Family Medicine Facility. Close proximity to major public schools is another plus for Periwinkle Creek
Albany Highlights
Albany, OR is a city of 48,780 and sits in the heart of western Oregon’s Willamette River valley, on the banks of the Willamette and its tributary, the Calapooia River. From its river town beginnings, Albany has grown south and east with the railroads, state highways and Interstate 5, and across the Willamette into the farms and wooded hillsides of North Albany.
The city of Albany lies within both Benton and Linn counties. Albany is the largest city in Linn County and serves as the county seat. Albany is also the second largest city in Benton County and 12th largest city in Oregon. The city is known as the rare metals capitol of the world. Several local industries produce zirconium, hafnium, and titanium. ATI Allvac is Albany's largest employer and provides jobs to over 1,500 residents. Weyerhauser Co., food processing, Linn Benton Community College, a Target Distribution Center, and manufactured homes production are major employers, as well.
The Albany area enjoys quality libraries, museums, art galleries, community theater, a variety of musical presentations and professional sporting events. Area parks include 562 acres in Albany, 785 acres of county parklands, and 5 National Forests. Within a 50-mile radius there are many beautiful campground and recreational sites, state, county and private parks. Along the 62-mile section of the Cascades' crest, from Mt. Hood south to the Mt. Washington Wilderness Area, there are more than 100 lakes, campsites, picnic areas, and historical markers.
