Met with the City of Rock Hill this morning to sort out stormwater, sanitary sewer, domestic water, electric, and landscape requirements for Johnston Farms Apartment Homes, our proposed 120-unit workforce housing development.
The city was very accommodating and identified several design changes that will save us hundreds of thousands of dollars in development costs and expedite our approvals.
Many thanks to the city engineers who met with us this morning!
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 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.
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.