Walker Court Apartments Grand Opening

Walker Court Apartments Grand Opening
Posted on 09/24/2020
Walker Court Apartments Grand OpeningWith the cutting of a ribbon on Wednesday, September 23rd, Hallmark Mobile Developer, in a joint venture partnership with SOCAYR, Inc, Louisville, KY, will officially open its new, 88-unit, Walker Court Apartments, 1900 Archway Drive, just off the Nashville Highway, in Columbia. The property, managed by Enfield Management, Nashville, features two and three-bedroom apartment homes, with spacious walk-in closets, central heating and cooling, and washer/dryer hookups.

After plans for Walker Court Apartments were approved by the Columbia City Council in the fall of 2018, the 88 unit apartment complex constructed by BACAR Constructors, Nashville, is completed and units almost fully occupied.  

The complex is composed of 88 two and three bedroom apartment homes, featuring walk-in closets, central heating and cooling, and washer/dryer hookups.  The property also features a community room, splash pad, grill area, computer center and playground.

The development is financed by a joint venture of First Farmers and Merchant’s Bank, Columbia, and The First National Bank of Pulaski. The property is also financed in part with a $1,200,000 Low Income Housing Tax Credit (LIHTC) allocation, which equates to over $11 million in tax credit equity for a 10-year period.  The Low-Income Housing Tax Credit program was created to incentivize the private sector to build and/or renovate apartments for people who earn less than the area’s average annual income.  In Tennessee, the LIHTC program is administered by the Tennessee Housing Development Agency (THDA).  

The federal tax credits are used by investors who provide a cash infusion of equity.  The investor providing the tax credit equity for Walker court is a nationally recognized private equity real estate company, Red Stone Equity Partners, LLC, specializing in multifamily residential funds and financings with the federal credits.  

Walker Court has been taking applications for about six months, and as of this week, only a few units remain unoccupied. Prospective tenants can join a waitlist by contacting Enfield Management at 615.902.3210, or go to www.enfield-management.com/contact-Us.aspx.