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Year 15 Properties

Year 15 Properties

Please Note:  This information is provided for the sole purpose of providing a “clearing house service to the multifamily affordable rental housing community and not as an endorsement of any individual interested party, either buyer or seller. SC Housing continually receives requests to identify either (1) properties whose owners are interested in selling or (2) individuals, partnerships or non-profits, etc. who might be interested in obtaining existing affordable multifamily rental properties. All properties listed and described on this page have been approved for inclusion by the property’s ownership entity. It is the intent of SC Housing to market the properties identified solely in compliance with the IRS Code Section 42(h)(6)(E)(i)(II).

Property Name & Location: 

Carolina Cove of Myrtle Beach Apartments
830 Carolina Place
Myrtle Beach, SC 29577


Qualified Contract Price: $7,386,749

Property Details and Summary Information:
Nine (9) multi-story brick buildings consisting of 73 units targeted for families. Amenities include: On-site laundry facility, playground, units wired for cable television, washer and dryer connections in units, picnic area, swimming pool, tennis court, volleyball court, fitness center, dishwashers, etc.

LIHTC Units: 60
Market Rate Units: 12
Total Rental Units: 72
On Site Manager: Yes
Land Size: 10.18 acres
LIHTC Project ID: 99009

Unit Description:

Bedroom Mix

Bedroom Square
Footage

Number
of Units

Monthly Gross
Rent per Unit

Income
Targeting

2 Bedroom

979

44

$512

50%

2 Bedroom

979

4

$652

60%

2 Bedroom

979

8

$760

market

3 Bedroom

1,166

5

$629

50%

3 Bedroom

1,166

7

$840

60%

3 Bedroom

1,166

4

$855

market


Sixty-eight (68) percent of the units are targeted to families whose income is 50% or less of the area median gross income, fifteen (15) percent are targeted to families whose income is 60% or less of the area median gross income, with the remaining seventeen (17) percent available at market rent.



Canaan Pointe Apartments
200 Canaan Pointe
Spartanburg, SC 29306


Qualified Contract Price: $8,165,634.00

Property Details and Summary Information:
Sixteen (16) multi-story brick and vinyl buildings consisting of 120 units targeted for families. Amenities include: Swimming pool, volleyball and basketball courts, playground, washer/dryer connection in units, units wired for cable television, sidewalk access to units, clubhouse, etc.

LIHTC Units: 96
Market Rate Units: 24
Total Rental Units: 120
On Site Manager: Yes
Land Size: 18 acres
LIHTC Project ID: 96019

Unit Description:

Bedroom Mix

Unit Square
Footage

Number
of Units

Monthly Gross
Rent per Unit

Income
Targeting

3 Bedroom

1109-1302

48

$762

60%

3 Bedroom

1309

12

$850

market

4 Bedroom

1216-1358

48

$837

60%

4 Bedroom

1,358

12

$900

market


Eighty percent (80%) of the units are targeted to families whose income is 60% or less of the area median gross income and twenty percent (20%) are targeted as market rate units.



Fremont Apartments
600 Magnolia Street
Spartanburg, SC 29303


Qualified Contract Price: $5,484,014.00

Property Details and Summary Information:
One (1) multi-story brick historic school building consisting of 46 units targeted for families. Amenities include: on-site laundry facility, playground, picnic area, units wired for cable television, sidewalk access to parking, etc.

LIHTC Units: 46
Market Rate Units: 0
Total Rental Units: 46
On Site Manager: Yes
Land Size: 2.17 acres
LIHTC Project ID: #00017

Unit Description:

Bedroom Mix

Bedroom Square
Footage

Number
of Units

Monthly Gross
Rent per Unit

Income
Targeting

Efficiency

484

6

$478

50%

Efficiency

484

4

$520

60%

1 Bedroom

747

12

$513

50%

1 Bedroom

747

10

$599

60%

2 Bedroom

952

10

$599

50%

2 Bedroom

952

4

$699

60%


Twenty percent (20%) of the units are targeted to families whose income is 61% or less of the median gross income and 39% are targeted to families whose income is 60% or less of the median gross income.


For Information contact:  Laura Nicholson, Development Director 
South Carolina State Housing Finance & Development Authority
300-C Outlet Pointe Blvd.
Columbia, SC 29210
Ph: (803) 896-9190
Email: 
laura.nicholson@schousing.com