Senior Living Community Opens in Charlotte
Paces Preservation Partners’ $31 million project includes 120 units.
Paces Preservation Partners—a development partnership between The Paces Foundation and Soho Housing Partners—has opened The Legacy at Carr Heights Senior Apartments, a 120-unit affordable senior housing community in Charlotte, N.C.
Other parties involved in the development of the community include the West Boulevard Neighborhood Coalition, Westside Community Land Trust, City of Charlotte, area businesses and community agencies. The Legacy at Carr Heights Senior Apartments is subject to a 99-year unsubordinated net ground lease held by West Side Community Land Trust, according to Yardi Matrix data.
The project honors Nathaniel Carr, a Black landowner and developer who, together with his wife Lizzie, founded the Carr Heights neighborhood for Black homebuyers a century ago. The fully affordable and age-restricted community is designated for residents over the age of 55.
The public-private collaboration broke ground on the property in November 2022. Neighboring Concepts provided the design services, Urban Design Partners the engineering services, Nelson Mullins the legal services, Moore & VanAllen the zoning and planning services, while Give Impact served as development consultant and Weaver Cooke as the main contractor. SL Nusbaum will manage the community.
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The four-story building incorporates one- and two-bedroom floorplans ranging between 690 and 950 square feet. Common-area amenities include a fitness, a business center, a community center, a theatre, a game room, a gazebo, laundry facilities, pet parks and covered porches.
Located at 2642 West Blvd., The Legacy at Carr Heights Senior Apartments is within Charlotte’s West Boulevard submarket. Southwest District Park, Charlotte Douglas International Airport and Clanton Park are within a 4-mile radius from the community.
Financing affordability
The financing for the $31 million project included a $19.5 million loan from INLIVIAN with UMB Bank as trustee and a $1.6 million construction loan from Fifth Third Bank, according to Yardi Matrix data. Other financing sources included Raymond James, Barings, Local Initiatives Support Corp., Charlotte Housing Opportunity Investment Fund, City of Charlotte Housing Trust Fund and North Carolina Housing Finance Agency.
Paces Preservation Partners has recently broken ground on Harrison Village Phase I, a 120-unit affordable housing community in Gainesville, Ga. The development secured $28 million in bonds issued by The Housing Authority of the City of Gainesville.
