Eden Pointe
Closed955 53rd St E, Bradenton, FL 34208
N/A270 units268,968 SF
Multifamily1995
Property type
Multifamily
Unit / Space count
270
Price
N/A
Building size
268,968 sf
Rentable area
268,968 SF
Year built
1995
Year renovated
Occupancy
Zoning code
Lot size
27.00 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Eden Pointe is a 270-unit affordable housing community located in Bradenton, Florida. Eden Pointe was placed in service in 1995 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. The LIHTC LURA states that 100% of the units must be rented to tenants whose income is 60% or less of the area median gross income and is in place until 2025.
Property highlights
- Existing Section 42 LIHTC Property With Conversion to Market Rate in December 2025
- In-Place Rents at the Property Are Currently at a 27% Discount to Market Comparables
- Property Receives 50% Discount on Assessed Value Due to Section 42 LIHTC
- Manatee County Projected 8.6% AMI Rent Growth in 2020
- Opportunity to Take Advantage of Green Program Agency Financing
- The Property Recently Received a Full Exterior Paint Job
- Visibility and Access on Highly Trafficked Manatee Ave
- High Growth Corridor with New Construction in Immediate Submarket