Greenville is a rapidly growing city that sits at the foothills of the Blue Ridge Mountains in western South Carolina. This vibrant community features an award-winning downtown, numerous historic sites, scenic outdoor recreation areas, and year-round events, making it an ideal place for seniors to settle down. The Greenville area has consistently experienced population growth, with the senior renter demographic increasing at the most rapid pace. The growing population, along with the 99% combined occupancy of all nearby affordable properties, has led to heightened demand for affordable housing options targeted to seniors.
Pleasantburg Senior Apartments is a newly constructed Low Income Housing Tax Credit (LIHTC) apartment community consisting of 38-units for individuals age 55 and over that earn up to 50% and 60% of the Area Median Income. The property includes one- and two-bedroom options that all come equipped with standard amenities such as kitchen appliances, ceiling fans, and central air conditioning. Residents also have access to a community room, craft area, computer center, and laundry facilities within the property's clubhouse. Additionally, the property was awarded a Rex Williams Wellness Grant through CAHEC, which funded the installation of new exercise equipment in the property's fitness center.
New Construction: 38 Units
Private Equity Investment: $6,073,638
Local Jobs Supported: 34
Local Government Revenue: $645,900
Fitch Irick Corporation, together with Classic Development Company, LLC, served as the developers for Pleasantburg Senior Apartments. Fitch Irick Corporation and its affiliates have successfully developed more than 75 affordable housing properties across eight states and have partnered with CAHEC on numerous developments. GEM Management, LLC, (also owned by Fitch Irick Corporation), manages the property. Classic Development Company, LLC, also has experience in the affordable housing industry, having developed several other affordable properties in South Carolina.
The development of this and other affordable communities is a critical step towards ensuring that everyone has access to housing they can afford. Pleasantburg Senior Apartments will provide seniors in the Greenville area with a safe and affordable place they can call home.