100% HAP CONTRACT
Townhouse Square currently has a HAP contract on 100% of its units, greatly reducing the collection risk for potential investors. The HAP contract was renewed for 20 years in August 2014, leaving plenty of time remaining on the contract for the next investor. In 2017, HAP assistance made up 82% of the total gross rent.
STRONG HISTORICAL OCCUPANCY
Townhouse Square has displayed strong historical occupancy over the past 3 years. The property currently sits at 95% and has averaged 98% over the past 3 years. The strong occupancy combined with the HAP contracts should provide an investor with steady, predictable income for years to come.
GROWING MOBILE ECONOMY
The Mobile economy is experiencing tremendous growth and has put itself in a position to be the Gulf Coast’s leading economy and job creator. Mobile has seen excellent growth from the aerospace and shipping industries with employers such as Austal (recently awarded $500M contract), Airbus ($600M plant), and Bombardier making significant capital investments. Other major corporations investing in Mobile include Amazon (362k SF sorting facility), Kimberly Clark ($100M investment), and Lensing ($293M investment). The growing Mobile economy should provide property owners with a steady influx of well-qualified tenants, and a growing Area Median Income to increase the rent basis at the property.
FREE AND CLEAR
Townhouse Square is offered free and clear of any existing debt, allowing investors to use a variety of debt instruments in order to maximize returns.