Press Release
Ladson, S.C. — Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced this week that it acquired the Palms at Ashley River Apartments, further preserving quality affordable housing options for families in the Charleston area.
“Lincoln Avenue Capital is proud to grow our affordable housing portfolio in South Carolina, with Palms at Ashley River marking our second acquisition in the state this year,” said LAC CEO Jeremy Bronfman. “This deal represents our deep commitment to providing quality, affordable homes to families and individuals at a time when housing costs are rising throughout South Carolina and in communities across the country.”
Palms on Ashley River, originally built in 2005, represents the latest addition to LAC's growing nationwide housing portfolio. Located within the Charleston metropolitan area, which is experiencing record year-over-year rent increases of nearly 18%, Palms at Ashley River will provide 192 combined units with rents restricted to 60% of the area median income.
“With this acquisition, LAC will help preserve much-needed affordable housing in the Charleston area for decades to come,” said LAC Associate Brian Moloney. “We're pleased to grow our portfolio in South Carolina and hope to explore further opportunities to provide affordable housing to communities across the state.”
LAC worked with the South Carolina State Housing Finance and Development Authority (SC Housing) to ensure a safe transfer of ownership for long-term quality homes. The acquisition was financed through a loan from the National Equity Fund, which has supported previous LAC acquisitions across a wide range of markets.
Palms at Ashley River offers two- and three-bedroom units along with community amenities including a clubhouse, swimming pool, business center, and playground.
