Category Archives: Press Releases

Johnston Farms Apartment Homes: Unanimous Bond Inducement Approval

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Received unanimous City Council approval for $18 million of tax exempt bonds for Johnston Farms Apartment Homes, our 120-unit workforce housing development located in Rock Hill, SC.

Our plan is to provide apartment units priced at a discount to market along with job placement services and workforce training incentives to our residents.

I’m really proud of my team for helping me put this deal together.

Here’s a short (4 min) video featuring kudos from City Council members.

Davidson’s Landing Apartment Homes

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Tartan Residential closed on a $25.8 million workforce housing development deal on July 22, 2021 – the first of a new class of apartment investments. We started working on this transaction five years ago. We survived COVID. We survived the loss of a key investor last summer. And we survived a $900,000 lumber price spike earlier this year. Yet we still got the deal done.

From the investment banker who worked with us over the past three years to close this transaction: 

“Congratulations Jeff… you are the true definition of tenacity and persistence in my book Sir! What a journey… now go have fun building it!”

I am thrilled to get this deal closed. And I am humbled to have a loyal team of seasoned professionals to work with every day.

Davidson’s Landing Apartment Homes

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Introducing Davidson’s Landing Apartment Homes, the first of a new generation of Zero Energy Ready workforce housing developments built with structural insulated panels. The development, which is located in Kansas City, KS and includes 2- and 3-bedroom units ranging from 30% to 80% of Area Median Income, is sponsored by Tartan Residential, Hughes Development Corporation, and BCCM Construction Management. Construction for this 115-unit tax-exempt bond development is scheduled for Q1 2021.

http://davidsonslanding.com/

Charlotte-based Tartan Residential plans two workforce housing developments in Rock Hill

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By Collin Huguley – Staff Writer, Charlotte Business Journal

“A Charlotte developer is moving forward with a pair of workforce housing projects in Rock Hill after receiving key approvals.

Dunbar Place Apartment Homes

Tartan Residential, a Charlotte-based developer of workforce and affordable housing, is planning two projects in Rock Hill: Johnston Farms Apartment Homes and Dunbar Place Apartment Homes. Rezoning requests for both projects were approved by Rock Hill City Council on Monday evening.

The larger of the two projects is Johnston Farms, which will be developed on a 24-acre site at the corner of South Anderson and Princeton roads. It will include five three-story buildings with 120 two- and three-bedroom units, according to city documents.

Dunbar Place will be developed on a 6.7-acre site on the corner of South Cherry Road and Constitution Boulevard. It will have commercial uses as well. On the housing side, the project will include one four-story building with 100 two-bedroom apartments, documents say.

The Dunbar Place site also includes an existing 16,000-square-foot building that was formerly used by American Legion. That building will be redeveloped, with about half of it being occupied by J.M. Cope Construction for its headquarters. The remainder of the building will be taken by a restaurant or retail use.

Tartan’s Jeff Carroll told the Charlotte Business Journal that he hopes to close on acquisition of the properties and begin construction on the projects in early 2021.

There are two possibilities for financing the projects, documents say. The projects will be funded by either tax-exempt bonds or opportunity zone financing.

If tax-exempt bonds are used, Tartan proposes rent and income restrictions between 30% and 80% of area median income, with a property-wide average of 60%. If opportunity zone financing is used, there will be rent and income restrictions between 50% and 100% of AMI, with an average of 80%.

Both housing projects will also include a workforce-training incentive program to help residents earn down payment assistance on future homes. Residents who complete fields of study at a local community college, technical school or university will qualify for assistance on a newly constructed home.

Documents say the program will provide a maximum of $10,000 per unit in assistance for up to 18 residents per year at Johnston Farms and a maximum of $10,000 per unit in assistance for up to 15 residents per year at Dunbar Place.”

– Charlotte Business Journal

https://www.bizjournals.com/charlotte/news/2020/08/25/rock-hill-affordable-housing-tartan-residential.html?iana=hpmvp_clt_news_headline

Davidson’s Landing Apartment Homes

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Davidson’s Landing is a workforce housing development designed to serve middle-income renters in Kansas City. The community will consist of 115 units, together with a wide range of unit and site amenities.

The project also includes an employer exchange and workforce training incentives, providing first-time homeowner down payment assistance to residents obtaining a degree or trade certification while working full-time.

Construction is planned for late 2020.

Planning Commission Meeting: Davidson’s Landing

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Tartan Residential made a presentation to the Unified Government Planning Commission on Monday, December 10, 2018 in Kansas City, Kansas. The purpose of the meeting was to evaluate the site plan for a proposed 115-unit apartment community known as Davidson’s Landing.

Jeff Carroll, President of Tartan Residential, made a 15-minute presentation and entertained questions from city staff, planning commissioners, and neighbors.

The planning commission voted 7-0 in favor of the proposal.

A copy of the presentation is found here.