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.
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.
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.”
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.
Introducing Dunbar Place & Johnston Farms Apartment Homes, two proposed workforce housing developments in Rock Hill, SC. The projects will be financed with either tax-exempt bonds or opportunity zone equity.
These projects were unanimously approved by the Rock Hill Planning Commission this evening.
Introducing Graham Ridge, a 96-unit workforce housing development in Monroe, North Carolina. The project will serve working families earning between $35,000 and $75,000 annually. Construction is planned for late 2020.
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.
On October 17, 2017, the grand opening was held for Buchanan’s Crossing – the newest fully-accessible development serving veterans and seniors in Kansas City, Kansas. The project’s sponsors, Tartan Residential (a North Carolina-based for-profit developer), Hughes Development Company (a local for-profit developer) and Northeast Economic Development Corporation (a local non-profit), were in attendance.
The mayor and several commissioners were also in attendance, as were some of the future residents, Horizon Bank (a regional lender providing construction and permanent funding for the project), Midwest Housing Equity Group (a regional investor in newly-constructed multifamily developments), and Bear Claw Construction (the general contractor).
When completely built out, the project will include a total of 40 two- and three-bedroom duplex units in a mixed-income rental environment.
The project included a major off-site sanitary sewer improvement including a 144-foot bridge to make utilities available to the project and up to 400 additional units in the area.
Jeff Carroll (President of Tartan Residential) and Bob Hughes (President of Hughes Development Company) addressed the attendees at the grand opening, followed by a ribbon cutting and a walk-through for an available unit.
According to Mr. Carroll, “This has been a work in progress for the past two years. We are excited to wrap up this phase of the development and look forward to bringing more units on line over the next couple of years.”
For leasing information contact the property manager at 913-593-0296.
