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SHELBY, N.C. — Standard Communities has acquired Laurel Hill Apartments, a 100-unit affordable housing complex in Shelby, about 45 miles west of Charlotte, North Carolina. The asset traded hands for $16.4 million. The North Carolina Housing Finance Agency provided Low Income Housing Tax Credits for the deal. Fannie Mae and Regions Bank also provided financing. The public-private partnership also included HUD.
Built in 1974, Laurel Hill Apartments offers one-, two- and three-bedroom apartment units. Income restrictions for the community were not disclosed. Standard Communities plans to invest $100,000 per unit into renovating the property.