SUMMERVILLE — An very affordable housing group on the edge of this increasing Dorchester County town is now beneath new ownership and will get a facelift.
Standard Communities, a division of Regular Cos. centered in New York and Los Angeles, recently acquired the long-time period ground lease for 120-unit Canebreak Flats at 1300 Central Ave. in a offer valued at $26.3 million.
The organization strategies to renovate the eight-acre complex by modernizing the interiors, upgrading constructing systems and adding facilities these types of as a business enterprise heart and health and fitness facility. Residents will not be displaced for the duration of the rehabilitation process, in accordance to Typical.
“We are energized to preserve Canebreak Residences as affordable housing in a community that urgently requirements it,” claimed Jeffrey Jaeger, principal and co-founder of the organization. “This is an opportunity for Regular to protect affordable housing in the greater Charleston location and to up grade and modernize the property in the process, which will drastically profit the people.”
The transaction was financed with tax-exempt financial debt and minimal-income housing tax credits arranged in partnership with the South Carolina Housing Finance and Growth Authority. The U.S. Division of Housing and City Improvement and the nonprofit Housing On Advantage also ended up included in the deal.
The previous operator was an affiliate of The Lawson Cos. of Virginia Beach, Va., in accordance to Dorchester County land documents. The corporation paid out $3.1 million for the residence in 2004.
Standard, with a portfolio of extra than 12,600 apartment units, which includes about 9,200 economical models, proceeds to look for other very affordable housing websites across the Southeast, according to Tommy Attridge, a regional director with Typical Communities.
Conventional Cos. has finished much more than $2.1 billion in inexpensive housing acquisitions and rehabilitations nationwide since being launched in 2008.
Arrive at Warren L. Clever at 843-937-5524. Follow him on Twitter @warrenlancewise.