Standard Communities, the affordable housing division of Standard Companies, announced the acquisition of Canebreak Apartments, an affordable apartment community in Summerville, SC. The 120-unit community will undergo an extensive renovation in the coming months, which will be completed without displacing residents.
Situated on 8.34 acres, the 120-unit family project consists of eight garden-style buildings, with all units covered by a Project-Based Section 8 Housing Assistance Payment Contract. This $26.3 million transaction was financed with tax-exempt debt and LIHTCs arranged in partnership with the South Carolina State Housing Finance and Development Authority (SC Housing).
Completed in partnership with HUD, SC Housing and Housing On Merit, this $26.3 million transaction expands and preserves the affordability of all 120 units. A robust rehab will modernize apartment interiors, upgrade building systems and add amenities such as a business center and fitness facility.