Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston
CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction.
The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing.
Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain catchment systems on the new amenity center.
Based in Los Angeles and New York, Standard Companies has a portfolio of approximately 13,700 apartment units. Standard Communities is the affordable housing division of Standard Companies. Housing on Merit is a 501(c)(3) nonprofit organization and co-developer.