Prestwick Opens Affordable SC Community
- Oct 19, 2017
Prestwick Cos., together with partners and local authorities, opened The Pointe at Blythewood, a 56-unit affordable community in Blythewood, S.C. TD Bank invested $7.8 million in LIHTC equity, in partnership with Enterprise Community Investment, for this development. Studio 8 Architects is the designer of the asset, which will be managed by NHE Inc. The Pointe at Blythewood also received support from the Federal HOME Investment Partnerships Program.
Located at 423 Main St., the community is a short drive from Interstate 77 and in close proximity to commuting corridors, employment centers and services such as shopping and health care. The development features multiple green elements, including low-flow fixtures, Energy Star vinyl windows, high-efficiency heat pumps and water heaters, and kitchens with Energy Star appliances. The two-story development includes:
- a playground
- community room
- management office
- central laundry area
- computer center
- fitness room
Need for affordable housing
One in four of the state’s renter households spends more than half of its monthly income on rent. At The Pointe at Blythewood, 44 of the apartments are restricted to families earning less than 60 percent of the area’s median income and 12 are reserved for households earning less than 50 percent of the area’s median income.
“Prestwick is excited to bring high-quality workforce housing to an upper-income area of the state where affordable rental housing is desperately needed. Our development leased up in less than 60 days, proving the pent-up demand in these types of areas,” said Prestwick CFO Ken Blankenship, in prepared remarks.
Recently, Enterprise Community Loan Fund and Enterprise Community Investment provided $250,000 in predevelopment capital and $8.7 million in equity for Aspen Place, an affordable community currently underway in Cleveland.
Image courtesy of Studio 8 Design