by Laura Calugar
St. George, S.C.—Washington, D.C.-based Greysteel, as exclusive advisor and agent, is marketing for sale St. George Villas, a 40-unit property with 33,147 rentable square feet in St. George. The project was built under the U.S. Department of Agriculture Section 515 Rural Rental Housing Loan program, which restricts units to qualified tenants who pay basic rent or 30 percent of adjusted income, whichever is greater. The loan is for a term of 50 years at an effective 1 percent interest rate and amortized over the 50-year period.
St. George Villas is an affordable garden-style community located at 305 Park St., on a 5-acre lot. The asset is within 2 miles of I-95 and 8 miles from I-26, providing easy access to Charleston. Built in 1984, the property encompasses five two-story buildings. St. George Villas offers a mix of eight one-, 24 two- and eight three-bedroom units. Currently, rents range from $400 to $748. Residents have access to amenities such as surface parking and on-site laundry facilities.
New ownership can finance the acquisition of the property under the Section 42 Low Income Housing Tax Credit program, the largest source of federal housing funding. At St. George Villas, 34 households are currently very low income, while five are low income.
With the area median income for Dorchester County increasing approximately 8 percent between 2015 and 2016, demand for affordable housing continues to grow. Over the last year, the largest county in the state has added more than 900 jobs by attracting new companies such as BAE Systems, Alkane Trucks and DC Machine.
Image via Google Street View