Arrowhead Apartments consist of 116 existing units uniquely dispersed throughout a main building and cottages in Asheville. The units are split between 75 studios and 25 one-bedroom units in the main building and 16 one-bedroom units split between the single-story cottages. Built in 1979, the property is 100% subsidized under the Project-Based Section 8 Housing Assistance Payment (“HAP”) program of HUD and is located in an Opportunity Zone. Arrowhead Apartments stands to benefit from the closing of a ~$16 million FNMA first mortgage loan funded by the sale of tax-exempt bonds by the Housing Authority of the City of Asheville and an allocation of Low Income Housing Tax Credits which will allow for the site to receive an extensive $6.1 million tenant-in-place renovation of the existing 116 units and common areas.