Rich in history and culture, Bennettsville, South Carolina, is known for its agricultural advances and distinguished architecture. Downtown Bennettsville features local cuisine, shopping, and a historic district, creating a desirable community for seniors to relocate to and settle down. The senior population of Bennettsville has been on the rise and is expected to continue to increase – census data anticipates growth of 10% over the next five years. With all the affordable rental properties in the area averaging 100% occupancy, it is especially important to ensure the preservation of affordable housing options for seniors in and around Bennettsville.
Oakwood Manor Apartments is a Rural Development (RD) property, originally constructed in 1993, that was recently updated to create modern affordable housing for seniors. The property consists of 24 one-bedroom units targeted to individuals 62 years and older with incomes at or below 50% and 60% of the Area Median Household Income (AMHI). The community underwent extensive interior and exterior renovations, including an abundance of cosmetic updates; brand new kitchen appliances, water heaters, bathtubs, and faucets; and improved landscaping, sidewalks, and parking lots. To enhance safety for residents, a video security system and fence were installed around the property. Seniors living at Oakwood Manor will enjoy new amenities including an exercise facility in the community building and an outdoor sheltered picnic area, as well as the remodeled laundry area and computer room.
Acquisition Rehab: 24 Units
Private Equity Investment: $1,716,876
Local Jobs Supported: 27
Local Government Revenue: $135,072
WWJ, LLC, a South Carolina-based company with experience in developing affordable rental properties, acted as the initial developer for Oakwood Manor Apartments. CAHEC Development, a subdivision of CAHEC Properties Corporation, has taken over managing interests of the properties in WWJ, LLC's portfolio. CAHEC Management, Inc., a nonprofit affiliate of CAHEC that oversees the day-to-day operations of over 330 affordable residential properties throughout the southeast, serves as the property manager for the community at Oakwood Manor.
Oakwood Manor’s location makes it ideal for senior residents – it sits in a primarily residential area of Bennettsville that is near several shops, a fire station, a primary care center, and several community parks and libraries. As the need for affordable housing options for seniors continues to rise in the community, it is important to focus on developing new housing options along with preserving existing affordable housing. The rehabilitation of Oakwood Manor Apartments ensures that local seniors will have access to safe, modern affordable housing for years to come.