The NHP Foundation has acquired The Pines at Carolina Place in Pineville, NC. for $18 million. Located at 12600 Windy Pines Way, The Pines is a 200-unit, 10-acre, 389-parking space Low Income Housing Tax Credit (LIHTC) property featuring garden style apartments with up to three bedrooms. The NHP Foundation is a national not-for-profit, dedicated to preserving and creating sustainable, service-enriched multifamily housing. The purchase was made possible through financial partnerships with the Low Income Investment Fund, JLL Capital Markets and Fannie Mae. The purchase marks the foundation’s first property in North Carolina.
“The Pines underscores what we think affordable housing should be,” said Richard Burns, NHPF’s President and CEO. “This property is in one of the most desirable communities in North Carolina, offering a host of shopping and dining options as well as top quality schools. Moreover, because it has so much to offer, we’re especially pleased to make housing here affordable for low to moderate income individuals, families and seniors. We can’t wait to bring in the necessary improvements to the property, and watch this area continue to grow and expand for all those who live there.”
