Boardwalk & College Terrace is a 106-unit value-add and market-rate conversion opportunity in Fort Smith, Arkansas. Built in 1972, this property offers investors the potential to transition 63 units from a legacy HUD Moderate Rehabilitation Program to market-rate rents, capitalizing on Fort Smith’s strong rental demand and significantly increasing revenue. Additionally, the property is primed for a comprehensive value-add program, with interior upgrades projected to yield a 25.42% ROI and an average rental premium of $180 per unit. Conveniently located near major highways, employers, and amenities, Boardwalk & College Terrace benefits from Fort Smith’s robust economy, low unemployment, and ongoing business growth. This unique combination of opportunities makes Boardwalk & College Terrace an exceptional investment for forward-looking buyers aiming to maximize long-term returns. Affordable Conversion Details: 63 of its 106 units have participated in a legacy HUD Moderate Rehabilitation Program, making them affordable which is scheduled to end May 30. While the program provides stable income, the property's affordable rents are significantly below market rates, creating a substantial revenue gap. Brining the property to 100% market rent provides tremendous upside and income potential.