Standard Communities headed a group of partners that picked up a 100% affordable multifamily project in Shelby, NC. The company paid $16.4 million for the Laurel Hill Apartments at 1526 Eaves Road in Cleveland County.

Funding for the Laurel Hill transaction included Low-Income Housing Tax Credits secured through the North Carolina Housing Finance Agency. Fannie Mae and Regions Bank also provided financing. The public-private partnership also included HUD. 

Standard’s Tommy Attridge added, “Standard will significantly renovate Laurel Hill Apartments at a cost of $100,000 per unit, with a very comprehensive rehab including addressing deferred maintenance and updating features in the units and amenities for residents.”

Built in 1974, Laurel Hill has 100 units ranging in size from one to three bedrooms. 

Laurel Hill is Standard’s sixth investment in the Carolinas, bringing its portfolio in North and South Carolina to 840 units.