Charlotte, N.C.—Work is nearly complete on the $13 million Steele Creek seniors community in Charlotte, N.C., according to developer Wood Partners. The company has received a certificate of occupancy for the amenity areas, leasing office and clubhouse as well as 54 units of the property.
Wood Partners broke ground on the affordable 120-unit age-restricted property, which has been developed in partnership with the Charlotte Housing Authority (CHA), late last year. The final phase of construction, which was partially financed by low-income housing tax credits, is expected to be finished before the end of the month.
The units are to be split about equally between individuals earning up to 30 percent of the area median income (AMI) and those making no more than 60 percent of the AMI. The total includes those qualifying for Section 8, who receive assistance vouchers from the CHA.
The development is on seven acres and includes 102 one-bedroom and 18 two-bedroom units in a single, four-story building measuring about 100,000 square feet. Among its amenities are a library, laundry facilities, fitness and crafts rooms, a full-service salon, a computer lounge and a community meeting room with theater. The grounds include outdoor gazebos and garden plots.
The property is 50 percent leased and the first move-ins began this week. Steele Creek isn’t Wood Partner’s first foray into the Charlotte seniors market. Back in 2007, the company developed the 168-unit Prosperity Creek Senior Apartments.
Now seems to be a auspicious time for the seniors housing business. According to National Investment Center for the Seniors Housing & Care Industry, the national seniors housing occupancy rate was up 0.5 percentage points between the second quarter of 2010 and the second quarter of 2011, to 88 percent. Annualized rent growth for seniors housing increased to 1.4 percent during the second quarter of 2011, up from 0.9 percent in the previous quarter.