Village at Jackson Hill
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2021Year Built |
40Total Units |
In Jan 2021 General Capital acquired Jackson Hill, a 40-unit senior LIHTC project in Muskegon, MI as an addition to our holdings in Muskegon. The project was constructed in 2004 and includes 1BR and 2BR units. The product type, single-story cottages with private direct entries and attached garages, is extremely desirable to seniors.
The initial tax credit compliance period ended in 2019 and Jackson Hill is now in its extended use period. General Capital continues to operate the stabilized property as an attractive investment in our portfolio. In the future the project is a prime candidate for recrediting with 9% tax credits through MSHDA and the property is also QC eligible.
KEY THEMES
- Affordable senior housing acquisition expanded General Capital's investment and preservation efforts within the Muskegon market
- Single-story cottage design with private entrances and attached garages provides a highly desirable independent-living environment for senior residents
- Long-term LIHTC preservation strategy maintains affordability beyond the property's initial tax-credit compliance period
- Stabilized operations support continued ownership while preserving 40 income-restricted homes for the local senior community
- Future recrediting potential provides an opportunity for additional investment and long-term preservation of the affordable housing asset
RESULTS
- Acquired a stabilized 40-unit senior LIHTC community in January 2021, expanding General Capital's portfolio in Muskegon
- Preserved 40 income-restricted one- and two-bedroom senior residences originally constructed in 2004
- Maintained a distinctive cottage-style housing model featuring single-story living, private direct entries, and attached garages
- Continued successful operations following the property's transition from its initial LIHTC compliance period into extended use
- Positioned the property for potential future preservation through MSHDA 9% tax-credit recrediting and Qualified Contract eligibility
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