Standard Communities, the affordable housing division of Standard Companies, announced the acquisition via long-term ground lease of Canebreak Apartments, an affordable apartment community in Summerville. The 120-unit community will undergo an extensive renovation in the coming months, which will be completed without displacing residents.
Situated on 8.34 acres, the 120-unit family project consists of eight garden-style buildings, with all units covered by a Project-Based Section 8 HAP Contract. This transaction was financed with tax-exempt debt and Low-Income Housing Tax Credits arranged in partnership with the South Carolina State Housing Finance and Development Authority (SC Housing).
“Standard Communities continues to actively look for opportunities to preserve affordable housing in South Carolina and across the Southeast,” said Tommy Attridge, Director of Southeast Production for Standard Communities. “This transaction and our planned improvements ensure Canebreak Apartments is in excellent condition to provide high-quality affordable housing for decades,” said Mr. Attridge.
Completed in partnership with U.S. Housing and Urban Development (HUD), SC Housing, and the non-profit Housing On Merit, this $26.3 million transaction expands and preserves the affordability of all 120 units. A robust rehab will modernize apartment interiors, upgrade building systems, and add amenities such as a business center and fitness facility.
“We are excited to preserve Canebreak Apartments as affordable housing in a neighborhood that urgently needs it. This is an opportunity for Standard to preserve affordable housing in the greater Charleston region and to upgrade and modernize the property in the process, which will greatly benefit the residents. We have worked closely with SC Housing and HUD to design the property’s next phase, and look forward to realizing those plans in the near future,” said Jeffrey Jaeger, Principal and Co-Founder of Standard.
Founded in 2008, Los Angeles and New York based Standard Companies has a portfolio of over 12,600 apartment units, including more than 9,200 affordable units, and has completed more than $2.1 billion of affordable housing acquisitions and rehabilitations nationwide. These transactions include the largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.
The seller was represented in the transaction by Gene Levental of SVN Affordable | Levental Realty.
SVN AFFORDABLE | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through their national platform and proprietary database. Their financial, regulatory and statutory expertise, paired with their strategic alliance of industry professionals, allows them to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for their clients.