(July 15, 2025) Atlantic Housing Foundation, Inc. (AHF) just acquired the Palmera Apartments in Columbia, SC, a strategic addition that aligns well with the organization’s commitment to promote and preserve quality affordable housing for low- and moderate-income families.
Palmera is a 240-unit, three-story multifamily property with a mix of one-, two-, and three-bedroom apartments. Formerly known as Companion at the Palms, Palmera was constructed in 2008 and acquired by AHF in June of 2025. It’s conveniently located just off Interstate 20 in the upcoming Wildewood neighborhood in a growing Columbia market.
“AHF intends to maintain the current affordable housing status of the property,” LIHTC Developer Barry Baker said. “It will cater to residents earning 50% and 80% of the area median income, alongside some market-rate units. With 25% of its units being three-bedrooms, the property is ideal for families.”
In conjunction with the acquisition, AHF plans to invest over $4.7 million into the property. The aim is to make exterior and unit improvements to elevate and modernize this community. Unit renovations include new flooring, new kitchen appliances and quartz countertops, fresh paint, and updated plumbing fixtures. Additionally, minor exterior repairs will be conducted on the buildings. These improvements are intended to increase the value of residents’ homes and elevate their quality of life.
“The new management team is focused on providing responsive customer service and fostering a better living experience for all residents,” Baker added. “As with all AHF communities, residents can expect community events, connection with local services and resources, and promotion of additional AHF programs on-site.”
Palmera offers an impressive array of amenities. The clubhouse hosts a suite of facilities including the leasing office, a business center, a coffee concierge, a fully equipped fitness center, a central laundry, and a 24-seat movie theater. Beyond the clubhouse, residents enjoy the resort-style pool, a sand volleyball court, a dog park, a convenient onsite bus stop for elementary school students, a car wash station, and a dedicated children’s play area.
Financing for the acquisition and rehabilitation costs was provided by tax-exempt bonds in the amount of $39.2M issued by the South Carolina Jobs-Economic Development Authority and underwritten by Piper Sandler & Co., along with an equity contribution from AHF in the amount of $2.7M.
About Atlantic Housing Foundation
Atlantic Housing Foundation (AHF), Inc. is a 501(c)3 not-for-profit affordable housing provider that owns and operates over 8,000 units of multifamily properties in 5 states. The mission of Atlantic Housing Foundation, Inc. is to promote and preserve quality affordable housing and related services for low and moderate-income families, helping residents improve their lives. We strive to be a top-performing, thoroughly professional, and genuinely caring organization in all that we do.
Contact: communications@atlantichousing.org
