Established in 1874, Lake City is a classic southern small-town community that is conveniently located within a short drive of major metropolitan areas such as Myrtle Beach, Charleston, and Columbia, SC. The population of Lake City has been steadily growing, as has the average age of residents. There are currently no other senior Low Income Housing Tax Credit (LIHTC) developments in the area, and any nearby family LIHTC developments are 100% occupied with waiting lists.
Marion Commons is a 45-unit new construction development for the senior community of Lake City, SC. The development will be for individuals aged 55 and older, earning 50 to 60 % of the Area Median Income. It will consist of 14 one-bedroom units and 31 two-bedroom units. The property includes convenient amenities such as a business center, fitness center, and laundry room onsite.
New Construction: 45 Units
Private Equity Investment: $6,857,980
Local Jobs Supported: 41
Local Government Revenue: $764,820
Marion Commons Apartments was developed by Greenway Residential Development, LLC (GRD). GRD was formed in October 2009 to develop, construct, and operate affordable housing communities in the Southeastern United States. The company has a proven track record in developing affordable housing communities with 27 properties, totaling 1,962 units, that are located in North Carolina, South Carolina, and Tennessee.
Marion Commons Apartments is located near several grocery stores, a pharmacy, and within walking distance of the historic downtown area and the Lake City Senior Center, making it an ideal place for seniors to call home. Marion Commons Apartments will provide accessible and affordable housing to seniors for years to come.