144
# of Affordable Housing Units
$2,500,000
Total Investment
20
Year Deed Restriction
About the building/project
Lake Mist apartments is an existing 144-unit garden-style property constructed in 1984 located at the intersection of Old Pineville and Archdale Road. The property is located in the Montclaire South neighborhood of Charlotte, NC and includes amenities such as a swimming pool, laundry facility, playground, soccer field, fully-equipped kitchens, free WiFi for all residents, and more. This property is considered naturally occurring affordable housing (NOAH) with 100% of the units affordable at or below 80% AMI and 44 units at or below 30% AMI.
About the Sponsor
The Sponsor Ascent Housing, LLC, The Sponsor, Ascent Housing, LLC, placed a 20 year deed restriction on the property limiting rent and incomes to families earning between 30% and 80% AMI. The deed restriction increased the affordability of the units to families earning 30% AMI.
Deal Overview
The CHOIF invested $2,500,000 in Lake Mist; a $900,000 subordinate loan and $1,600,000 in equity. The total development cost of the property is $20,667,200. Upon acquisition, Ascent completed much needed property repairs to the property’s foundation, water heaters, retaining walls, sewer lines, roof, and water lines. The Ascent team also made landscaping improvements, ADA accessibility improvements, parking lot resurfacing, and installation of a playground, soccer field, dumpster enclosures, drainage around buildings, pool fencing, and repairs to units (as they turn over).
Impact Highlights
144 affordable units, with 70% of units are currently at or below 60% AMI, 44 units at or below 30% AMI
Adjacent to public transit and close to good schools
Deed restriction limits rent and incomes to 30% and 80% AMI
Amenities such as a swimming pool, laundry facility, playground, soccer field, fully-equipped kitchens, free WiFi for all residents, and more.
*All information above as of March 2023.
Project Gallery
The investment pools sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LISC Fund Management, which is a wholly-owned subsidiary of LISC. LISC Fund Management is an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser with the SEC does not imply any level of skill or training. Please visit the SEC’s website at www.adviserinfo.sec.gov to see LISC Fund Management’s Form ADV, which contains important disclosures, including further disclosures about material conflicts of interest, risks, and limitations associated with LISC Fund Management.