Standard Communities Acquires Charleston-Area Apartments
The firm purchased the 108-unit affordable property as part of a public-private partnership.
Standard Communities has headed a public-private partnership that acquired Osprey Place Apartments, a 108-unit affordable property in North Charleston, S.C., from Lawson Cos. SVN Affordable | Levental Realty represented the seller in the transaction.
The sale has closed through the acquisition of a ground lease benefitting Standard in partnership with the South Carolina State Housing Finance and Development Authority and Housing On Merit.
The acquisition totaled more than $22 million in capitalization, with approximately $8.9 million of that sum being invested in renovating the property. Additional financing includes Low-Income Housing Tax Credits allocated by SC Housing, later purchased by Regions Bank.
Located at 2390 Baker Hospital Blvd., Osprey Place Apartments was completed in 2004. The property comprises five buildings situated on a 19.3-acre parcel. The garden-style buildings feature two- and three-bedroom apartments with floorplans averaging 1,071 square feet.
The pet-friendly community provides a club room, fitness center, play area and playground, as well as a pet park.
The property is situated on the banks of the Ashley River, approximately 6 miles northwest from downtown Charleston. Riverfront Park is approximately 3 miles from the community, while downtown North Charleston 4.5 miles away offers various shopping and dining options.
Standard has a national portfolio that includes approximately 11,500 affordable and workforce housing units. In April, the company acquired a 169-unit affordable property in Atlantic City, N.J. The transaction marked Standard’s first in the state.