ASREF’s $7.0M investment funded the development of this workforce garden-style apartment complex in Charleston, South Carolina.
Portage Real Estate, LLC (“Portage”), Piedmont Private Equity (“Piedmont”) and Material Capital Partners (“Material”) for the development of a 240-unit garden-style workforce apartment community known as The Preserve at Ridgeville (the “Project”). The Project is located in Ridgeville, South Carolina, which is within the Charleston, SC MSA. The site for the Project is two miles away from the recently constructed Volvo Plant, which broke ground in 2015 and opened in June 2018 and employs approximately 1,500 employees. The Preserve at Ridgeville subject property is approximately 12 acres and was acquired for $1.33M. The Project will be comprised of 240 one, two, and three-bedroom units in eight three-story garden style buildings. There will be 360 surface parking spaces. Clearwater, Florida based Churchill Stateside Group (“CSG”) is providing the construction financing for the project via the USDA 538 program, which is designed to increase the supply of affordable rural rental housing through the use of loan guarantees. For a project to qualify for the USDA 538 program, the Project must be located in an eligible rural community and rents cannot exceed 100% AMI. Further, tenant income cannot exceed 115% AMI.
| Asset Type | Affordable Housing; USDA 538 program requires all units to be affordable at 115% AMI |
| Development Type | Ground-Up |
| Previous Use | N/A |
| Investment Closing Date | 2021-05-14 |
| Total Development Area | 240 units (238,128 SF) |
| Construction Timeframe | Start: Jul 2021; Finish: Apr 2023 |
$30.9M
$30.9M
$7.0M
$3.9M
$3.7M
$14.8M
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PORTAGE REAL ESTATE, LLC have a comprehensive understanding of the real estate development process as owners, operators, and managers of approximately 3.8 million square feet of diversified real estate assets. The principals of Portage have been involved in development projects as large as The Landings on Skidaway Island, which is a 6,000-acre master-planned community outside of Savannah, GA that includes 6 golf courses, 2 marinas, 5 clubs, and over 3,500 custom homes.
| Location | 1050 Old Gilliard Rd, Ridgeville SC, 29472 |
| Area | Charleston |
| LMI Community Status | Moderate |
| Unemployment Rate | 13% |
| Poverty Rate | 25% |
| % Minority | 43% (38% African American) |
Warren L. Wise discusses the beginning of ASREF's apartment development in the Charleston area, complete with 240-units of affordable housing.
ASREF’s $7.0 million investment in The Preserve at Ridgeville’s redevelopment will revitalize and stabilize an underserved Moderate-Income census tract by providing accessible housing. The project will create 240 high quality housing units with rents for 163 units capped at 80% AMI.
