Standard Communities has led a public-private partnership to acquire Osprey Place Apartments in North Charleston, SC, the company said in an announcement. The company said this deal brings Standard’s affordable portfolio in the Charleston area to more than 500 units.
A long-term ground lease for the 108-unit Osprey Place Apartments was acquired by Standard in partnership with South Carolina State Housing Finance and Development Authority (SC Housing) and Housing On Merit. The transaction has a total capitalization of more than $22 million, including more than $82,000 per unit in renovation costs, the announcement said. The transaction was financed with LIHTC arranged in partnership with SC Housing and purchased by Regions Bank.
“Our work with SC Housing and Housing on Merit exemplifies what can be accomplished through community engagement and collaboration across the public and private sectors,” said Scott Alter, principal and co-founder of Standard Communities.
