NOTICE OF SALE Old Mill Townhomes 725 Mill Stream Lane Lynchburg, VA 24502 Site Description The property is located along the eastern side of Old Mill Road and 0.2 mile north of its intersection with Graves Mill Road. It is bounded by Old Mill Road to the west and Burton Creek to the east. It has approximately 570 feet of frontage along Old Mill Road, a depth of 705 feet along its northern boundary, approximately 637 feet of frontage along Burton Creek on the eastern boundary, and contains 15.37 acres. Public utilities available include water, sewer, electricity, and telephone. According to the Flood Insurance Rate Map, Community Panel No. 510093 0020C, dated November 16, 1983, the majority of this property is located in Zone C, which includes areas of minimal flooding. However, there is a narrow strip along Burton Creek on the eastern boundary which is located in Zone A11 of the 100-year flood plain. The City of Lynchburg Assessor s Office Report for the property is listed on our vhda.com website. Also conveying with the sale is a.238 acre parcel of land adjacent to the property with an address of 480 Logans Lane. It is located behind building 1201-1217 Mill Stream Lane. The City of Lynchburg Assessor s Office Report for this land is listed on our vhda.com website. Description of Improvements 1) Apartment buildings: The 18 apartment buildings consist of 16 nine-unit buildings and 2 six-unit buildings, for a total of 156 units. The buildings are generally constructed of a concrete slab foundation, a brick veneer and vinyl siding exterior, metal gutters and downspouts, replacement windows and doors, and a combination of gable and gambrel composition shingle roofs. The 156 units are divided into 12 onebedroom units, 90 two-bedroom units, 50 three-bedroom units, and 4 fourbedroom units. Each unit has a heat pump. Some units have a wood deck. Each of the 12 one-bedroom units contains 800 square feet. The typical onebedroom unit is divided into a living room, dining area, and kitchen on the first floor; and a bedroom, hall, and bath on the second floor. The apartments are finished with carpet and vinyl floor covering, painted sheetrock walls, and a stippled ceiling. The typical kitchen has wooden base and wall cabinets, a stainless steel sink, and pantry. The typical bathroom has a commode, tub, and vanity sink. Each of the 90 two-bedroom units contains 864 square feet. These
units are divided into a living room, dining room, kitchen, and half bath on the first floor; and a hall, two bedrooms, and bath on the second floor. The half bath in the two-bedroom units has a commode and vanity sink. The finish of the twobedroom units is similar to the typical one-bedroom unit described above. Each of the 50 three-bedroom units contains 1,044 square feet. These units are divided into a living room, dining room, kitchen, and master bedroom with bath on the first floor; and hall, two bedrooms, and bath on the second floor. The finish of these three-bedroom units is similar to the typical one-bedroom unit described above. Each of the 4 four-bedroom units contains 1,200 square feet. These units are divided into a dining/living room, kitchen, and bedroom with bath on the first floor; and hall, three bedrooms, and bath on the second floor. The finish of the typical four-bedroom unit is similar to the one bedroom unit described above. Originally constructed in 1975, these apartment buildings are well maintained and in good condition for their age. During the last few years, new windows were installed in five buildings; some new heat pumps were installed; new appliances, cabinets, and countertops were installed in a large number of apartments; carpet was replaced as needed; and a bus shelter was installed. We also recently replaced over 70 water heaters as well as put in new mailbox stations. 2) 1,838 square foot rental/maintenance building: This 1,838 square foot rental/maintenance building with 555 square foot basement is constructed of a concrete slab foundation, brick veneer and vinyl siding, and composition shingle roof. It is divided into a rental office, fitness room, and maintenance rooms. The rental office is divided into a large open office area, two smaller offices, restroom, and two closets. This area is nicely finished with laminate flooring, painted sheetrock walls, chair rail, and suspended acoustic tile ceiling with recessed fluorescent lighting. The restroom is finished with vinyl floors, painted sheetrock walls and ceiling, and has a commode and vanity sink. The fitness room is finished with carpet and painted sheetrock walls and ceiling. The maintenance office is divided into two large rooms finished with carpet, paneled and sheetrock walls, and a vaulted sheetrock ceiling. The 555 square foot basement is divided into a laundry area, restrooms, and storage room for the swimming pool. This building is adequately maintained and appears to be in average to good condition. 3) Parking lot: The asphalt paved roads and parking areas are adequate to serve the 156 apartment units.
4) Landscaping and miscellaneous improvements: The property is nicely landscaped with lawn areas, large and small trees, mulched areas, and flowerbeds. Other improvements include a swimming pool with concrete deck, grills and picnic areas, a playground area, outdoor lampposts, concrete curbs, and concrete sidewalks. 5) Appliances: These items include a range, refrigerator, dishwasher, and washers and dryers in each unit. Note the washer/dryers in each unit are leased and not owned by the property. Miscellaneous This development has no project based subsidy or Low Income Housing Tax Credits. VHDA acquired this property in November 1989. The most recent tax assessment for Old Mill Townhomes is $6,169,000 or $39,545 per unit. The most recent tax assessment for the land at 480 Logans Lane is $2,000. The apartment types, sizes and market Rents are as follows: # of Units Unit Type Square Footage Market Rent 12 1 Bedroom/1 Bath 800 $660 90** 2 Bedroom/1.5 Bath 864 $790 50 3 Bedroom/2 Bath 1044 $935 4 4 Bedroom/2 Bath 1200 $1155 *Occupancy is approximately 98% as of May 2016 **The model apartment is a 2 Bedroom/1.5 Bath unit and the address is 811 Mill Stream Lane.
VHDA will consider proposals for: PLEASE NOTE: 1) The Acquisition of this property with the purchaser, securing their own financing, or 2) The Acquisition of this property with its purchase being financed by VHDA. Special Terms and Conditions of Sale: None Property tours: So as not to disrupt the everyday operation of the property and the daily lives of the residents, only limited group tours to view the development will be conducted. Tours are available on June 7, 2016 at 1:00pm and again on June 14, 2016 at 1:00pm. Please email mfreo@vhda.com to reserve a tour of the property. All tours require a reservation. If needed, a third tour date will be added in June but we were hoping to just keep it to the two dates listed above. Contents of Proposal:. All proposals must include the following items: TAB 1: Development and Management Plan for the property with specific information regarding the bidders experience in owning and/or managing market rate housing.
TAB 2: Financial statements of principals for the prior two years demonstrating the purchaser s ability to complete the proposed transaction or evidence financing can be successfully obtained. TAB 3: Proposed financing plan for the purchase. Evidence of funding source of required down payment and closing costs must be included. Proposal Submittal: All proposals must be submitted electronically by 5:30PM ET on July 22, 2016 to: mfreo@vhda.com All electronically submitted proposals must be followed by a printed proposal addressed and delivered to VHDA as follows: David Layman VHDA Multifamily REO Portfolio Manager c/o Virginia Housing Development Authority 601 South Belvidere Street Richmond, VA 23220 It is the intent of the VHDA to award the sale on or before August 12, 2016. Proposal Evaluation: In addition to its financial impact upon VHDA, proposals will be evaluated based upon the proposal s impact on the community in which the development is located and how effectively the proposal aligns with VHDA's mission. In case of competing like price proposals, VHDA reserves the right to accept the proposal which best aligns with VHDA s mission and goals. Sale: Upon VHDA s acceptance of a proposal, the Purchaser will be presented with an Agreement of Purchase and Sale and will be expected to execute and return it to VHDA with the necessary deposit within seven calendar days.