NHPF Annual Report 2016




Eagles Landing Memphis, Tennessee

The Pines at Carolina Place Pineville, North Carolina

The start of the New Year in 2016 opened with the acquisition and preservation of Eagles Landing. In a joint venture with LEDIC Realty Company, NHPF acquired its interest in Eagles Landing Apartments, as well as a contiguous land parcel being held for future development, for an implied purchase consideration of $4,800,000. Eagles Landing was built in 2005 and is comprised of 96 one- to four-bedroom apartments in a garden-style setting. The property sits on an 8.6 acre footprint with well-maintained landscaping. All the units are cable-ready, have well-appointed kitchens, and have connections in place for full-size washer and dryer hookups. The community features a resident center and large playground, and is close to a very good public high school offering Advanced Placement course work and college preparatory exams. There is additional land for a Phase II development.

NHPF was able to preserve The Pines at Carolina Place through an $18 million acquisition in July 2016. Our financial partners for this transaction included the Low Income Investment Fund (LIIF), JLL Capital Markets and Fannie Mae. Constructed in 1997, The Pines at Carolina Place is located in Pineville, Charlotte, North Carolina’s largest and arguably best suburb. There are 200 one-, two-, and three-bedroom garden-style apartments. The individual units feature fully-equipped kitchens, balconies, patios, walk-in closets and central air conditioning. All units were financed through the Low Income Housing Tax Credit Program. All of the current households are at or under 60% AMI, making them income-eligible for tax credits. Situated on ten acres with 389 parking spots, The Pines at Carolina Place has exceptional access to top- rated public schools, healthcare providers, shopping/ dining options and employment hubs.


1 Ships’ Cove 2 Ennis Francis Apartments 3 Eagles Landing 4 The Pines at Carolina Place

NHPF Fiscal Year 2016 Annual Report 7

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