On the foothills of the Blue Ridge Mountains in North Carolina sits Taylorsville, a small town with a wealth of history and scenery. Taylorsville was established in 1847 and is bordered on the north by the Brushy Mountains, one of the oldest mountain chains in the US. Although Taylorsville is small in size, it is located halfway between Winston-Salem and Asheville, two large cities on the western side of North Carolina. The town offers a quaint historic atmosphere in its downtown and boasts some of the best schools in the area. The combination of landscape, history, and a high-quality education system makes for an ideal community for families.
Acquisition/Rehab: 40 Units
Private Equity Investment: $2,884,495
Local Jobs Supported: 17
Local Government Revenue: $86,042
In 2019, CAHEC helped finance the acquisition and rehabilitation of Mountain Wood Apartments, an apartment community situated just outside of downtown Taylorsville. The development features 40 units for families earning up to 60% of the Area Median Income. Mountain Wood consists of 24 one-bedroom and 14 two-bedroom apartments spread among four buildings. The property recently underwent a full rehabilitation that included remodeling of all units with updated paint, floors, appliances, and fixtures as well as enhanced landscaping. This property is currently at full occupancy and offers residents various site amenities such as a community center, laundry, and a brand new playground funded through the Active Lifestyle Grant offered by the CAHEC Foundation.
The residents also enjoy the ability to easily access shopping centers, restaurants, and medical facilities within downtown Taylorsville. The property manager spoke highly of the community that Mountain Wood offers, stating that “it was easy to get to know all the residents and it is a pleasure to share a wonderful camaraderie with them.” Flatiron Holdings, LLC, a real estate holding company owned by Fitch Irick Partners, LLC, is the developer of this project. The principals of Fitch Irick Partners have developed more than 75 affordable housing projects across eight states including eight additional properties with CAHEC. With an updated appearance and added amenities, Mountain Wood will continue to offer a safe and affordable apartment community for families to call home for years to come