Nonprofit to make affordable housing available in Pineville

August 19, 2016 by  

The Pines at Carolina Place in Pineville has recently been acquired by the NHP Foundation, a non-profit organization whose goal is to provide multifamily housing that is sustainable and offers many services and amenities.

The NHP Foundation paid $18m for the property and the deal was made possible by financial partnerships with Fannie Mae, JLL Capital Markets, and the Low Income Investment Fund.

The Pines is located on a 10-acre plot of land and has 200 units with 389 parking spaces. The apartments are garden-style and range from having one to three bedrooms. Each apartment features a balcony or patio, walk-in closets, a kitchen, and many more amenities. The Foundation plans to make renovations and repairs as required.

According to the President and CEO of the NHP Foundation, Richard Burns, the Foundation has been looking for owning an apartment complex in North Carolina. The Pines has a great deal of potential, he added, and is ideal way for the Foundation to enter the Charlotte area.
The Pines illustrates ideal affordable housing that will be available for seniors and low to moderate income individuals and families, continued Burns.

The Foundation might also want to invest in printing flyers that it can distribute throughout the community, highlighting the many options for dining and shopping in Pineville that will make this apartment complex attractive as an affordable housing opportunity.