Typical Communities Gets South Carolina MF Neighborhood for $26M

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Basic Areas, the affordable real estate department of Conventional Companies, has gotten Canebreak Apartments, an inexpensive apartment or condo area in Summerville, S.C. The prices was $26.3 million.

Found on greater than eight acres, the 120-unit area will certainly go through a comprehensive restoration in the coming months. The neighborhood contains 8 garden-style structures with all systems covered by a Project-Based Area 8 HAP Agreement. The purchase was funded with tax-exempt debt and also Low-Income Housing Tax Credits prepared in collaboration with the South Carolina State Real Estate Financing and also Advancement Authority.

“Typical Areas remains to actively search for opportunities to protect economical real estate in South Carolina and also across the Southeast,” said Tommy Attridge, supervisor of southeast production at Criterion Communities. “This purchase as well as our prepared renovations guarantee Canebreak Apartments is in excellent condition to offer top notch economical real estate for decades.”

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