Standard Communities, a leading national multifamily housing investor and developer, has made its second investment in North Carolina, acquiring a 100% affordable community Laurel Hill Apartments in Shelby. The transaction is capitalized at $16.4 million.
In 2017 Standard Communities acquired Arrowhead Apartments in Asheville, North Carolina, a 116-unit affordable community.
“Standard continues to focus on ways that we can preserve and create affordable housing through strong public-private partnerships,” said Tommy Attridge, Standard’s Vice President of Acquisitions and Redevelopment, based in Charleston, SC.
Funding for the Laurel Hill transaction included Low Income Housing Tax Credits secured through the North Carolina Housing Finance Agency. Fannie Mae and Regions Bank also provided financing. The public-private partnership also included HUD.
Standard will significantly renovate Laurel Hill Apartments at a cost of $100,000 per unit, “with a very comprehensive rehab including addressing deferred maintenance and updating features in the units and amenities for residents,” said Mr. Attridge.
“Laurel Hill is Standard’s sixth investment in the Carolinas, bringing our portfolio in North and South Carolina to 840 units, enabling Standard to improve the quality of life of residents of these communities,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “This is consistent with Standard’s mission of expanding access to high quality affordable housing throughout the United States. We are committed owners for the long term and look forward to future investments in North and South Carolina,” said Mr. Jaeger.
“Affordable housing is a critical component of strong communities. Regions Bank is grateful for the opportunity to partner with Standard Communities, NCHFA, and the many other stakeholders to help preserve safe and affordable housing in Shelby, NC,” said Graham Dozier, Managing Director, Regions Real Estate Capital Markets.
Based in New York and Los Angeles, Standard has a portfolio of over 20,000 apartment units and $4.4 billion in assets under management across 17 states and Washington, DC. With expertise in development, acquisitions, renovations and construction, Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.
