Cinnamon Court

Nestled in the heart of Ruston, LA, Cinnamon Court offers prospective residents a prime location surrounded by a host of local attractions and conveniences. From the picturesque tranquility of Lincoln Parish Park to the vibrant energy of Railroad Park, the area boasts an array of recreational opportunities. Ruston's bustling culinary scene and boutique shopping destinations provide endless entertainment and exploration. Dive into local history at the historic Ruston Historic Fire Station or enjoy outdoor activities at the scenic Lake D'Arbonne State Park. With its blend of urban amenities and natural beauty, the surrounding area creates an ideal living environment for those seeking an enriching and dynamic lifestyle.Cinnamon Court is a 56 unit apartment community built in Ruston, Louisiana in 2000. The property is located in west Ruston, nestled between the campuses of Louisiana Tech University and Grambling State University. Cinnamon Court is currently in the LIHTC (Low Income Housing Tax-Credit) program, however it sits outside of the 15 year compliance period. The property was developed in 2000 through the LIHTC program administered by the LHC. The property’s original developer did not waive the right to Qualified Contract, and the 15 year Compliance Period has expired. Although in the Extended Use, the Tax Credits have not been recapitalized and provides a buyer to take the property through the Qualified Contract process. The margin to lease Cinnamon Court as a market rate property within two Public Universities holds a rental value of between $150-200. Current ownership has improved the property through the Capital Expenditures in a very impactful way since acquiring the property in 2020. The current owner has invested nearly $1 million into the property, and includes work to 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. Comparable market rate properties in the area indicate that Cinnamon Court inhibits the ability to go through the Qualified Contract process, continue improving the unit interiors of the property and raise rents up to $200. A Buyer can achieve a true 27% IRR on a 5 year hold through the Qualified Contract process on Cinnamon Court.