Lincoln Avenue Capital Acquires Affordable Housing Property in Beaufort

Cross Creek represents LAC’s fourth acquisition in South Carolina this year. The deal will preserve and expand affordability in the Beaufort-Hilton Head area, a tourism and recreation hub where local workers face a scarce supply of affordable multi-family housing options. The property currently contains 87 units that are restricted to 60% of the area median income, and LAC plans to restrict an additional 21 units to 80% of AMI.

“Lincoln Avenue Capital is proud to continue growing our nationwide portfolio and expanding our impact in South Carolina,” said LAC CEO Jeremy Bronfman. “This deal will preserve and expand access to quality homes for families and individuals at a critical time, as housing costs remain high throughout the state and across the country.”

Cross Creek includes 144 total units and was originally built in 2009. The acquisition was financed through a bridge loan from the National Equity Fund, which has supported previous LAC acquisitions across a wide range of U.S. markets.

“This acquisition represents our latest effort to provide affordable housing options in communities where they’re needed,” said Jordan Richter, LAC Vice President and Project Partner. “We’re pleased to not only preserve existing affordability in Beaufort, but to also add new restrictions that will help more residents secure quality, affordable homes.”

Cross Creek provides units with walk-in closets, in-home washers and dryers, patios or balconies, and vaulted ceilings. Community amenities include a clubhouse, business center, fitness center, playground, and picnic area with grills.