Located just a few miles from the famous Pinehurst Resort, West End, North Carolina, is known for two things: golf and retirement. Because the appeal to move to this community is so high, the area has seen a surge in the senior population in the last five to ten years. Additionally, roughly 65 percent of rental households age 55 and older in the area are eligible to live in Low-Income Housing Tax Credit (LIHTC) properties, making West End an ideal place for Pinehurst Senior Apartments. Pinehurst Senior is a newly constructed community serving seniors earning 30 to 60 percent of the Area Median Household Income (AMHI). This development consists of 35 one-bedroom and 21 two-bedroom units. Of the 56 total units, 8 are cottage style in two single story buildings. Pinehurst Senior is the only LIHTC property in the primary market area to target households earning at or below 30 percent of the AMHI and the only property to offer one-bedroom units to those earning at or below 60 percent of the AMHI.
New Construction: 56 Units
Private Equity Investment: $4,475,152
Local Jobs Supported: 63
Local Government Revenue: $429,800
Projected Ongoing Annual Effect:
Local Jobs Supported: 18
Local Government Revenue: $221,200
Residents have much to enjoy at Pinehurst Senior including a gazebo, raised bed with a gardening shed, multi-purpose room with a kitchenette and fireplace, computer center, and a small hair salon. In addition, the property has an on-site exercise room made possible by a grant from the CAHEC Foundation. When asked about living at the community, several residents quipped, “I love it here,” and “it’s so nice and quiet.” Others commented that, “it feels safe” and “management is so helpful.” Pinehurst Senior was co-developed by Align Development, LLC and J&B Consulting, LLC. Charlie Grant serves as the principal owner of Align Development and this marks the 8th investment that CAHEC has participated in with them. J&B Consulting is managed by Julie Sutton and this is the first investment CAHEC has participated in with this company.
Pinehurst Senior is managed by Excel Property Management, a North Carolina-based company specializing in affordable housing. Pinehurst Senior is a welcome addition to the West End community. As residents enter a new phase in their life, they have the security of knowing they have access to safe, affordable housing.