Wood Partners’ $13 Million Affordable Senior Community Nearly Finished

Wood Partners is nearing completion on construction of the $13 million Steele Creek Seniors community in Charlotte, N.C.

The company has received certificate of occupancy for amenity areas, leasing office and clubhouse, as well as 54 units; the property is already 50% leased, and the first move-ins have commenced.

In November 2010, Wood Partners broke ground on the construction of the affordable 120-unit age-restricted community, which was developed in partnership with the Charlotte Housing Authority (CHA). The final phase of construction, partially financed by low-income housing tax credits, is expected to be completed before the end of October.

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The units are split between individuals earning up to 30% of the area median income (AMI), and those making no more than 60% of the AMI. The total includes those qualifying for Section 8, who receive assistance vouchers from the CHA.

WP East Builders was the general contractor for construction, and RBC Capital Markets was the equity partner. The architecture for the Steele Creek Seniors community was designed by Watts Leaf Architects, PA.

This community will be Wood Partners’ second affordable age-restricted living development in the Charlotte area, following a 168-unit Prosperity Creek Senior Apartments community that opened in 2007.

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Written by Alyssa Gerace