Two Tupelo-Area Affordable Housing Properties Redeveloped
- Jun 19, 2015
Plantersville, Miss.—CMS MS Communities LLC has overseen major renovations to two affordable housing properties in the Tupelo suburb of Plantersville. The properties are the 24-unit Regal Ridge Apartments and the 30-unit Wisteria Apartments.
Regal Ridge is at 200 Cedar St. and its units are divided between six buildings. Each of the two-bedroom units is equipped with central air conditioning, ceiling fans and storage space. Common amenities include onsite property management, laundry facilities, a computer center, gazebo and playground.
Located at 140 Woodsgreen St., Wisteria consists of 10 one-bedroom units and 20 two-bedroom units divided among five one- and two-story residential buildings. Unit amenities include storage, central air conditioning and ceiling fans.
CMS MS Communities served as the managing general partner of the project, while Barron Lane LLC was a co-developer. Herbert J. Peterson from CMS Real Estate Development and Chase Dudley from Barron Lane were the project developers. WNC provided about $3.3 million in low-income housing tax credit (LIHTC) equity to fund the renovation projects.
As in most markets, Tupelo is experiencing more demand for affordable housing than it has supply, which was a critical consideration in upgrading the properties while retaining them as affordable, according to WNC. “The rehabilitation of Regal Ridge and Wisteria will help to sustain the local rental housing supply,” said WNC COO Michael Gaber.