Established in 1732, Camden, South Carolina, is rich with history. Situated on the Wateree River, Camden was home to the Native American Cofitachequi civilization, and one of the eleven townships decreed by King George II in 1732. Today, the town has just over 7,000 residents. Although small, Camden, has seen an increase in population and economic improvement with manufacturing and education facilities contributing to job growth and stabilization of unemployment rates. The town’s proximity to Columbia, one of the state’s economic centers and the state capital, is a benefit. While the economy is healthy, projections show an increase in lower-income renter households, which will increase demand for affordable housing in the next several years. Because of this, the addition of Cedarbrook Apartments is a welcome sight for residents.
Acquisition/Rehab: 60 Units
Private Equity Investment: $7,391,822
Local Jobs Supported: 73
Local Government Revenue: $496,080
Projected Ongoing Annual Effect:
Local Jobs Supported: 18
Local Government Revenue: $264,600
Cedarbrook Apartments is a beautiful 60-unit new construction development for families earning 50 to 60 percent of the Area Median Income. It consists of 42, two-bedroom units, and 18 three-bedroom units. The property also features a community building with an all-purpose room, kitchen, fitness center, computer room, and laundry room. Young residents can also enjoy the on-site playground, made possible by a grant from the CAHEC Foundation. As an additional benefit, the community is located near several grocery stores, a pharmacy, schools, and a library. The community was developed by Greenway Residential Development, LLC (GRD). GRD was formed in October 2009 to develop, construct, and operate affordable and market rate housing communities in the Southeastern United States.
The company has a proven track record in the affordable housing space with 1500 units in 24 properties. InterMark Management will manage the property. The construction of Cedarbrook Apartments in this historic community is a much-needed addition with some unique characteristics. The development will feature three units specifically designed and set aside to serve households with special needs. Residents in Camden and the surrounding communities will reap the benefits of this charming, affordable community for many years to come.