Statesville, which sits just north of Charlotte on the western side of North Carolina, is a small city that takes pride in offering a close-knit community feel to its approximately 25,000 residents. The area has seen consistent population growth over the past several years and is projected to continue to do so. While there are other Low-Income Housing Tax Credit (LIHTC) communities in the area, the combined occupancy rate is 99.3%, and several currently have waitlists. The growing population coupled with the lack of available LIHTC units indicates there is an increased need for additional affordable housing options in the area.
James Pointe Apartments is a new construction family development composed of 68 units across four residential buildings. The property offers one-, two-, and three- bedroom options for families earning up to 60% of the Area Median Income. Each unit comes equipped with a walk-in closet, along with ceiling fans, exterior storage, and washer/dryer connections. Site amenities include a community building, covered picnic areas, an exercise facility, central laundry, and a playground that was funded through a CAHEC Active Lifestyle Grant.
New Construction: 68 Units
Private Equity Investment: $5,741,425
Local Jobs Supported: 61
Local Government Revenue: $1,115,730
Pendergraph Development, LLC, spearheaded by Ms. Frankie Pendergraph, served as the developer for James Pointe Apartments, and Pendergraph Management, LLC serves as the management company. Ms. Pendergraph is an experienced North Carolina developer who has worked with CAHEC on 20 other LIHTC investments. Pendergraph Management was formed in 2000 and is also owned by Frankie Pendergraph. The company manages over 100 properties with more than 4,500 units. The company focuses on managing Ms. Pendergraph’s portfolio but also does provide management services to other developers.
The varying unit dimensions available at James Pointe Apartments accommodate families of all sizes, while the amenities help ease day-to-day life. The property is located off one of the main highways in Statesville, which offers convenient access to many businesses, shopping areas, restaurants, and schools. The surrounding community also holds many events for residents of Statesville each year. The modern apartments at James Pointe are situated in a quaint area and will be there to provide safe and affordable housing to local families for years to come.