265 Lake Shore Dr Bolingbrook, IL 60440

McKenzie Falls is a 105-unit senior (62+) Low-Income Housing Tax Credit (LIHTC) property with a size of 74,047 square feet. Constructed in 2010, the property is located at 265 Lake Shore Drive in Bolingbrook, IL, immediately east of Route 53 (Bolingbrook Drive) at Briarcliff Road and Lake Shore Drive. The property was financed via 4% Low-Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds, and private debt & equity. The property includes an expansive clubhouse for senior residents, featuring a large kitchen and dining area, laundry facilities, and an exercise room. The clubhouse also provides offices for management and a garage/storage area for maintenance supplies, as well as an additional, spacious 2-bedroom unit for maintenance or management. The units are sprinklered. There is ample parking available. The property is professionally managed and has consistently maintained a high level of occupancy. Currently, 32 units are subject to 50% Area Median Income (AMI) restrictions, and 73 units are subject to 60% AMI restrictions. Additionally, 22 units are covered by a Housing Assistance Payments (HAP) agreement, which was recently renewed for an additional 10-year period on July 1st, 2024, and will extend through 2034, while the Land Use Restriction Agreement (LURA) will extend through 2042. McKenzie Falls is located in a Qualified Census Tract (QCT), providing investors the option to resyndicate the asset. The property is adjacent to Walmart. There is minimal deferred maintenance. The property presents an opportunity to assume the current in-place debt or place new financing on the property. The rents are below market.