CHARLOTTE, N.C. — Affordable housing options in east Charlotte are expected to expand after the purchase of Shamrock Gardens Apartments by the Housing Impact Fund in partnership with Ascent Housing.
The 265-unit property off Eastway Drive in Charlotte’s Shannon Park neighborhood is the fund’s fourth property acquisition in just over a year, according to the organizations. Located just outside Plaza Midwood and NoDa, Shamrock Gardens joins the fund’s two additional east Charlotte properties: Maple Way and Pines on Wendover. They also own Lake Mist, a 144-unit complex located off Archdale Drive in South Charlotte.
"Its procurement marks a year-in milestone of more than 500 converted affordable housing units to address housing insecurity and facilitate economic opportunity in Charlotte," according to a joint statement by the two organizations.
The nearly 60-year-old complex will receive $7 million in property improvements, according to the Housing Impact Fund.
While the amount of the sale was not disclosed, Mecklenburg County property records show an appraisal value of $5 million.
Apartments will be reserved for households earning less than 80% of Charlotte’s Area Median Income (AMI), the organization explained. Nearly half of the units will be dedicated to those below 50% AMI.
The Housing Impact Fund said no current residents would be displaced from the acquisition.
The Housing Impact Fund was created in October 2020. Charlotte-based Truist Financial remains the Housing Impact Fund’s largest investor, with a $15 million commitment announced last year, Tuesday's statement explained. Atrium Health, LendingTree, and Movement Mortgage have contributed a combined $38 million.
The Fund received a $20 million commitment from the Charlotte Housing Opportunity Investment Fund (CHOIF), a private-sector housing investment fund launched by the Foundation For The Carolinas and managed by Local Initiatives Support Corporation (LISC), a national nonprofit with a local office.
For more information on the Housing Impact Fund visit www.ascentrealestatecapital.com/ascent-housing.