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Standard Communities Acquires South Carolina MF Community for $26M
Standard Communities, the affordable housing division of Standard Companies, has acquired Canebreak Apartments, an affordable apartment community in Summerville, S.C. The sales price was $26.3 million.
Located on more than eight acres, the 120-unit community will undergo an extensive renovation in the coming months. The community consists of eight garden-style buildings with all units covered by a Project-Based Section 8 HAP Contract. The transaction was financed with tax-exempt debt and Low-Income Housing Tax Credits arranged in partnership with the South Carolina State Housing Finance and Development Authority.
“Standard Communities continues to actively look for opportunities to preserve affordable housing in South Carolina and across the Southeast,” said Tommy Attridge, director of southeast production at Standard Communities. “This transaction and our planned improvements ensure Canebreak Apartments is in excellent condition to provide high-quality affordable housing for decades.”
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
