Addison Way

This property is located in Selma, Alabama, a historic city undergoing a period of reinvestment and renewal. Anchored by a strong manufacturing base and supported by recent public and private investments, Selma is positioning itself for long-term economic and population growth. Over $700 million in industrial investment and the development of four new industrial parks have created thousands of jobs in the region. With city-led initiatives focused on downtown revitalization and the expansion of housing options, Selma is becoming an increasingly attractive market for multifamily investment in Alabama’s Black Belt region.Addison Way Apartments is a 120-unit two story townhome-style community located in Selma, AL. Originally built in 1970 and fully renovated in 2009, the property offers a strong value-add opportunity for investors driven by a significant gap between effective and asking rents. Positioned in a market with a solid industrial base, Addison Way is well-suited for workforce housing. Investors have the potential to capitalize on operational improvements and rental growth in a stable, supply-constrained market. INVESTMENT Addison Way offers investors the opportunity to acquire a well-built, renovated LIHTC asset with both immediate upside and long-term value. The gap between the asset’s asking rents and the local max rent limits further enhances its appeal, allowing for the pursuit of higher rental rates. Charging the max rents for units at Addison Way would result in a 40% increase to the current GPI, highlighting the asset’s strong rent growth potential, and max rents may continue to increase further as Selma’s area median income continues to climb each year. PROPERTY Addison Way Apartments is a long-standing, well-maintained community located at 1300 Cloverdale Road in Selma, Alabama. Offering spacious, unfurnished units, the complex provides comfortable and affordable living in the heart of Dallas County. Known for its commitment to resident satisfaction, Addison Way fosters a welcoming, neighborly atmosphere that appeals to individuals and families alike. Its convenient location and accessible price point make it a popular choice for those seeking quality housing in Selma.