Located along the bank of the Tennessee river, Clifton, TN, is a modest city made up of just under 3,000 residents. Established in 1840, Clifton boasts a rich historic atmosphere and a wide array of community- focused activities. Along with three other cities, Clifton can be found in Wayne County, which is known for having a variety of festivals throughout the year. The atmosphere, culture, and amenities make Clifton an ideal place for families to reside. Riverwood Apartments is an affordable housing property for families earning up to 60% of the Area Median Income.
Acquisition/Rehab: 41 Units
Private Equity Investment: $2,284,868
Local Jobs Supported: 11
Local Government Revenue: $55,624
The property is a rehabilitation of an existing family LIHTC development financed under the USDA-RD Section 515 program. Riverwood Apartments preserves project based rental assistance from the USDA-RD for all 41 units in the complex. The units are spaciously spread over five buildings ranging from one to two stories and featuring a connected community building. Designed for families of varying sizes, there are 30 onebedroom units and 11 two-bedroom units which all feature a full kitchen, ceiling fans, external storage, and central air conditioning. The developer for this property is Hallmark Development Services, a Georgia-based company that was ranked by Council for Affordable and Rural Housing (CARH) as a top 20 owner (#4), developer (#2), manager (#6) of rural housing.
Hallmark Development Services is an affiliate of The Hallmark Company and has successfully rehabilitated of approximately 2,500 affordable housing units since its formation in 2013. Riverwood is described by the property manager as “a safe haven to the residents,” as well as “a quiet, peaceful place for them to call home.” The property caters to families with a laundry facility, computer center, and a playground awarded to them through a CAHEC Foundation Active Lifestyle Grant. “Families are thrilled to call this community home,” the property manager says about Riverwood. The updates to this property, along with the added amenities, ensures Riverwood Apartments more effectively serves the needs of the families who live there.