Standard Communities, in collaboration with a group of partners, recently acquired the Laurel Hill Apartments in Shelby, NC. This 100% affordable multifamily project was purchased for $16.4 million and is located at 1526 Eaves Road in Cleveland County.
The funding for this transaction was secured through Low-Income Housing Tax Credits from the North Carolina Housing Finance Agency. Additional financing was provided by Fannie Mae and Regions Bank. The partnership also involved HUD.
According to Standard’s Tommy Attridge, significant renovations will be made to the Laurel Hill Apartments at a cost of $100,000 per unit. These renovations will include addressing deferred maintenance and updating features within the units and amenities for residents.
Originally built in 1974, Laurel Hill offers 100 units ranging from one to three bedrooms.
This acquisition marks Standard’s sixth investment in the Carolinas region and brings their total portfolio of properties in North Carolina and South Carolina to 840 units.
