Atlantic Housing Foundation, Inc. has partnered with Armada Development to construct a beautiful new apartment community for Summerville, South Carolina tenants to call home. The Waters at Oakbrook Apartments are located in a well-established neighborhood with a great school system, close proximity to job centers, and easy access to grocery, medical, retail, parks and dining services.
The property offers many quality amenities, including a resort style pool, dog park, gym, playground, business center, community center, and internet coffee bar. The community was also built with energy efficiencies and green initiatives in mind. The construction team installed LED lighting, energy-efficient HVAC and energy-star rated appliances, double-pane energy-efficient windows, high r-value insulation, and water-saving devices, which will translate to lower utility bills for our residents.
Out of the community’s 216 units, 75% serve low income residents and 25% are market rate units. The lease-up has been an overwhelming success, with 98%+ current occupancy and a long waiting list of applicants who would like to move in. With this project and many more to come across the southern United States, AHF is advancing its mission of providing quality affordable housing and helping residents improve their lives.
Total cost for the new development was $40.4 million. Federal low income housing tax credit (LIHTC) was provided by Stratford Capital, state LIHTC was provided by Sugar Creek Capital, and the Freddie Mac tax-exempt mortgage loan was provided by Walker and Dunlop. Chase Bank supplied the construction loan.
AHF President and CEO Michael Nguyen said, “I’m thrilled that the project was successfully completed to provide much-needed workforce and affordable housing for the greater Summerville market. Construction started during the pandemic, and I am grateful to our development team, general contractor, lenders and partners for their dedication and hard work to overcome the many challenges posed by the COVID-19 epidemic.”
Project Partners
General Contractor: WM Jordan
Architect: PDI Architecture
Civil Engineer: Cypress Engineering
Mortgage Lender: Walker & Dunlop
Construction Lender: Chase Bank
Federal Tax Credit Equity: Stratford Capital
State Tax Credit Equity: Sugar Creek Capital
Co-Developer: Armada Development
