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Jones Lang LaSalle Americas, Inc. (JLL) is pleased to offer, either individually or as a portfolio, the exclusive opportunity to acquire La Mirada Gardens and Club Wildwood, two 100% LIHTC properties located in Bradenton and Wildwood, Florida, respectively. Both properties generate steady cash flow and attractive risk-adjusted returns due to the spread between max LIHTC rents and rents achieved at nearby market-rate properties.
La Mirada Gardens and Club Wildwood are located in high-growth areas, even compared to nearby expanding markets across Florida. Both properties also demonstrate potential to continue leasing at maximum allowable LIHTC rents given the significant spread between the average market-rate rent and the max LIHTC rent. Located within 1 hour from 3 international airports, 2 deepwater ports, as well as MacDill AFB, Bradenton serves as a keystone market between Central Florida and the Gulf of Mexico. In 2020, Bradenton ranked as the 3rd Best Performing Florida city for wage growth, and the number of jobs in the education-health sector grew 4% in 2019. From 2010 to 2020, The Villages population grew 47%, and it ranks as the 5th Best Performing Small City in the U.S. Since 52% of the population is 65 years old or over, the MSA is sheltered from impacts to household spending due to COVID-related job losses.
- Significant spread between market-rate rents and in-place lease rents generate steady cash flow and attractive risk-adjusted returns
- Located in MSAs with unparalleled growth at the intersection of key Florida markets
- Investors can apply for Florida's Post-Year 15 real estate tax exemption for both properties
- Favorable capital markets environment ensures excellent debt terms for affordable borrowers