Location
Executive Summary
Kokomo Manor apartments are located just 2.5 miles south of downtown Kokomo, Indiana. The complex consists of 130 apartments and boasts an attractive mix of one-bedroom, two-bedroom, and three-bedroom apartment homes ranging in size from 582 to1,200 square feet. The average rents are $740, $815 and $1,063, respectively. The overall average rent is $827, well below Kokomo’s market rent of $1,010. Kokomo Manor Apartments were built in 1979 and is operating at 95% physical occupancy.
The property is in the extended use period under the Low Income Housing Tax Credits (LIHTC) program. In addition to LIHTC restrictions, there is an existing HAP contract for 129/130 units. For investors seeking stable, government-backed cash flows in the affordable housing sector, Kokomo Manor offers exactly the kind of de-risked, long-term platform that is increasingly difficult to find in today’s market.