Source: Lincoln Avenue Capital
COLUMBIA, SC - Lincoln Avenue Capital, a mission-driven acquirer and developer of affordable housing, announced that it acquired Wyndham Pointe Apartments and will continue to reserve 100% of the units for low-income residents in the Columbia community.
"Lincoln Avenue Capital is proud to continue growing our nationwide affordable housing portfolio in communities where quality, sustainable homes are needed," said LAC CEO Jeremy Bronfman. "This acquisition preserves affordable residences and improves the environmental profile of Wyndham Pointe."
Columbia has limited affordable housing options for individuals and families. The statewide affordable housing crisis has created long waiting lists for housing relief and a financial burden for residents whose wages have not kept pace with escalating rents in South Carolina. Data shows that the cost of a one-bedroom apartment in Columbia increased 21% over the course of a year.
"Our investment will preserve the affordability of Wyndham Pointe for generations of Columbia residents to come," said LAC Associate Brian Moloney. "We are excited to use this opportunity to create a more sustainable property."
As part of Lincoln Avenue Capital's commitment to sustainability and green building practices, the team is incorporating water saving fixtures into Wyndham Pointe. The upgraded water fixtures will reduce water usage on the property by up to 40%.
LAC worked with the South Carolina State Housing Finance and Development Authority (SC Housing) to ensure a safe transfer of ownership for long-term quality homes. The acquisition was financed through a loan from the National Equity Fund, which has supported previous LAC acquisitions across a wide range of national markets.
The property, originally built in 2007, includes 180 units and offers community amenities including an exercise room, clubhouse, business center with computer access, playground, and swimming pool.