145 Nutmeg Dr Ruston, LA 71270

Cinnamon Court is a 56-unit apartment community constructed in 2000 in Ruston, Louisiana. The property is located in west Ruston, situated between Louisiana Tech University and Grambling State University. The property was previously in the LIHTC (Low Income Housing Tax-Credit) program, but the 15-year compliance period has ended. Although in the Extended Use, the Tax Credits have not been recapitalized, allowing a buyer to take the property through the Qualified Contract process. Comparable market rate properties in the area suggest the potential to continue improving unit interiors and raise rents. Current ownership has invested nearly $1 million in capital expenditures since acquiring the property in 2020, including work on the Sewer Lift, Roofing, Parking Lot, and Clubhouse, as well as unit interior improvements consisting of vinyl plank flooring, paint, appliances, toilets, doors, and cabinets. Interior rehab has been completed in nearly half of the units, with detail varying by unit. The property features an on-site property manager and maintenance, on-site laundry with a CSC contract, and a leasing office/clubhouse with event space and central mail. The property is located 2.5 miles from Louisiana Tech and 3.0 miles from Grambling State. The surrounding area offers recreational opportunities such as Lincoln Parish Park and Railroad Park, as well as local history at the Ruston Historic Fire Station and outdoor activities at Lake D'Arbonne State Park.