Davidson’s Landing Apartment Homes

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.

Not In My City

“You can work here, but don’t think about living here.”

This is the mantra of affluent cities relying on less affluent cities to provide for their affordable housing needs.

From the piece:

“Manteca is Brentwood’s affordable housing plan…. All of the solutions being discussed were essentially aimed at solving the affordable housing of Bay Area cities and not that of Manteca.”

https://www.mantecabulletin.com/opinion/local-columns/manteca-needs-affordable-housing-manteca-and-not-brentwood/

Peter Bailey: The Unsung Hero of “It’s a Wonderful Life”

Peter Bailey is a boss, the unsung hero of “It’s a Wonderful Life.” He knows his purpose in life.

From the script:

“You know, George, I feel that in a small way we are doing something important. Satisfying a fundamental urge. It’s deep in the race for a man to want his own roof and walls and fireplace, and we’re helping him get those things in our shabby little office.”

And another quote:

“Just remember this, Mr. Potter: that this rabble you’re talking about, they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?”

Be like Peter Bailey.

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Davidson’s Landing Apartment Homes

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/

Putting a Face on the Workforce Housing Problem in the United States

The lack of workforce housing affects millions of Americans each and every day.
From the piece:

“Jeff Emerick was born and raised in the scenic, tourist destination and resort area that is Blaine County…. Emerick left Blaine County for a short while, only to return when he was offered a job at the Ketchum Fire Department.

The station requires its workers to live nearby, as an emergency could happen at any point. Unfortunately, Emerick could not afford the costly price of rent in Ketchum or surrounding cities.”

https://boisedev.com/news/2020/10/21/theres-no-affordable-housing-a-look-at-affordability-homelessness-in-blaine-county/

Civic Rent Beer Brewed to Aid Workforce Housing Relief Fund

“Barnstable Brewing, Housing Assistance Corporation, and Shepley Wood Products have partnered to offer the Civic Rent lager to Cape Cod residents and to benefit a good cause.

HAC launched the Workforce Housing Relief Fund in April as a way to aid the community during the ongoing coronavirus pandemic. Now, a portion of the proceeds from the beer sales will go towards that fund.”

https://www.capecod.com/newscenter/civic-rent-beer-brewed-to-aid-hacs-workforce-housing-relief-fund/

New REIT Will Focus on Affordable Housing

“Avanath Capital Management and MacFarlane Partners, two of the largest African American-owned real estate companies in the US, have jointly filed paperwork with the SEC to create a new REIT. It is reportedly the first REIT to focus on Opportunity Zones, though it will look to other properties as well.

The company will ‘invest in, develop, redevelop and manage mostly affordable and workforce multifamily properties in Opportunity zones, in dynamic, US metropolitan areas,’ the filing said.”

https://www.globest.com/2020/10/08/new-reit-will-focus-on-affordable-housing/?slreturn=20200915235945

The Paces Foundation and Soho Housing Partners Announce Strategic Partnership

“The Paces Foundation and Soho Housing Partners are pleased to announce they have entered into a strategic partnership, combining Paces’ industry leading affordable housing development and preservation services with Soho’s exceptional capabilities structuring complex financial solutions that make quality investments for workforce housing communities possible.”

https://www.prnewswire.com/news-releases/the-paces-foundation-and-soho-housing-partners-announce-strategic-partnership-301151832.html

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

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