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.
“The Federation for Advanced Manufacturing Education (FAME) is a classic apprenticeship program that combines classroom learning with paid on-the-job experience, teaching skills in demand across an industry. A new report by Opportunity America president Tamar Jacoby and Brookings Institution senior fellow emeritus Ron Haskins draws on focus groups, an online survey and data from the state of Kentucky to shed light on the program and its outcomes for apprentices. Data show that FAME graduates in Kentucky earn between 60 percent and 100 percent more than other career and technical education graduates from the same community colleges. The message for policymakers: earn-and-learn training works, and the nation should redouble its efforts to take the model to scale.”
“A legendary heavy-metal band is helping Houston-area students prepare for careers in oil and gas and other industries.
The Metallica Scholars Initiative, created by the band’s nonprofit All Within My Hands Foundation (AWMH), and footwear and apparel firm Wolverine (NYSE: WWW) have donated $100,000 in scholarships to Lone Star College (LSC) students pursuing traditional trades and other applied learning careers. The donation, which Wolverine supplemented with free boots and other items, has provided direct funding to 120 LSC students.”
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.
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
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
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.
“Founded in 2017, All Within My Hands Foundation is dedicated to creating sustainable communities by supporting workforce education, the fight against hunger, and other critical local services…. AWMH supports workforce education through the Metallica Scholars initiative, which is currently in its first year…. Our intended result is that approximately 1,000 students receive instruction enabling them to get higher paying jobs. In most cases this isn’t the accomplished by attending school for two years to receive an associate’s degree, but rather the result of a three- or six-month certificate program.”