Standard Communities Buys Charleston-Area Asset

The $26.3 million transaction expands and preserves the 120-unit property’s affordability.
Canebreak Apartments. Image courtesy of Standard Communities

Standard Communities, the affordable housing division of Standard Cos., has paid $26.3 million for Canebreak Apartments, a 120-unit affordable community near Charleston, S.C. Lawson Cos. sold the asset, Yardi Matrix shows, with the assistance of SVN Affordable|Levental Realty.

The buyer financed the acquisition with tax-exempt debt and low-income housing tax credits from the South Carolina State Housing Finance and Development Authority. The funding, coordinated with the Housing and Urban Development Department and nonprofit Housing on Merit, expands and preserves the affordability of all units.

Situated on 8.3 acres at 1300 Central Ave. in Summerville, the community consists of eight two-story buildings completed in 1980 under a project-based Section 8 HAP contract. The unit mix has one- to three-bedroom floorplans from 674 to 1,038 square feet. Amenities include a playground, picnic area and sports court.

The new owner plans to renovate the property in the coming months without displacing residents. Upgrades will target apartment interiors and building systems, and a business center and fitness facility will also be added.

Canebreak Apartments is 3 miles west of downtown Summerville and less than 2 miles from The Shops of Summerville. The property is some 30 miles northwest of downtown Charleston.

In May, Standard Communities received a $20.8 million FHA loan to refinance a 161-unit affordable community in San Diego. Hunt Real Estate Capital provided the 35-year note.