Real Estate Developments

Arbors at 29

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Description

All 120 apartment units at the Arbors at 29 North will be restricted to seniors earning 60% of the Area Median Income (AMI) in the Charlottesville, VA MSA. Qualified senior households for this income category must earn annual incomes ranging between $39,330 and $50,340, when reported in constant 2022 dollars. This represents senior renters who can afford to pay net rents of approximately $1,147. The demographic analysis shows that as of 2021, the market area had 1,810± senior households within this income range. The 2021 total exceeds the 2010 total by 750± households, mirroring the overall growth trends among senior households in the market area. By 2025, the market area is projected to add 270± households within the age and income category under study to reach 2,080± households. Of note is that most age-restricted LIHTC apartment properties attract some residents under the age of 62 and over 79 years of age. Some residents hold housing vouchers as well. Any adjustments, based on current market trends, will be included in the report conclusions.

Project Details

Type

Multi-Family

Status

In Progress

Address

6087 Seminole Trail

City

Barboursville

State

VA

Zipcode

2293

Construction

New Development

Start Date

7/1/23

Expected Completion Date

12/1/24

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Source(s):
VHDA
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          Sources:

          VHDA

          LIHTC Amount:

          $
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          4.00

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          AreaProbe is a research and advisory firm focused on housing and commercial real estate development in urban communities. Our proprietary tech platform reduces turnaround time on research and analysis projects for developers by an average of 75% relative to the market. We combine that efficient, data-backed analysis with an understanding of how different cultural groups interact with the real estate market, and what it means for developers, investors, and financiers. We also facilitate access to capital and project management services from the network we've built during more than four decades of collective experience in real estate development, finance, design and urban planning.