KANNAPOLIS, N.C. — LEDG Capital has completed the $5.5 million renovation of Kimberly Ridge, a 76-unit property in Kannapolis the private affordable housing investor acquired in April 2024. Kannapolis is 28 miles northeast of Charlotte. During the 11-month rehabilitation effort at Kimberly Ridge, LEDG installed new kitchens, bathrooms, lighting fixtures and energy-efficient heating and cooling systems in all units and replaced roofs and repaired siding, gutters and parking surfaces. New community amenities and security features were added, and six apartments were modified to meet accessibility standards for the mobility impaired.
Capital for the project was provided by the North Carolina Housing Finance Agency via LIHTC bonds, and CREA served as the tax credit syndicator. River City Affordable Housing acted as a general managing partner, helping to secure a real estate tax exemption. Merchants Capital was a lender, and Langerman Construction was the general contractor.