Gardner Capital has wrapped up construction on Arbor at Cotton Grove, an 80-unit affordable senior housing property in Lexington, N.C. Stratford Capital, Churchill Stateside Group and the North Carolina Housing Finance Agency were involved in the funding efforts, that included low-income housing tax credits.
Excel Property Management will act as manager for the fully affordable community that is currently leasing. The garden-style property will also be available for residents with disabilities.
Located at 7 Fritts St., Arbor at Cotton Grove is 3 miles south of central Lexington and less than a mile from Interstate 85. The property is serviced by a varied retail cluster along Cotton Grove Road, including Walmart, Wendy’s, McDonald’s and Walgreens.
According to Yardi Matrix, the property comprises 10, two-story buildings. On-site amenities offer a business center and playground, while some living units include private balconies.
Earlier this year, Gardner opened another affordable senior community in suburban Chicago. The Seldin-managed, 61-unit property serves residents 55 years and older.