It’s not a cure-all for the housing shortage that has Fayetteville in its grip, but two new apartment communities in the works will at least be a small dose of the right medicine.
With demand for housing of all types still soaring and the number of residences available scarce, finding a place to live in Fayetteville has become a big-old Excedrin-strength headache. To make matters worse, a shortage of building materials -- and even basic appliances such as kitchen ranges and dishwashers -- has dramatically increased move-in wait times even for new homes.
Two projects underway in Fayetteville are admittedly modest, but they will add nearly 100 residential units to the city’s affordable housing stock. That’s something increasingly rare as the tight housing inventory has driven prices through the roof, so to speak.
Trinity Housing Development, a Springfield, Mo., firm that specializes in housing for seniors and general affordable housing, is developing The Landing at Beaver Creek, a 72-unit apartment community at 6115 Cliffdale Road, just south of McFayden Lake.
The community will consist of one, two, and three-bedroom units and amentities such as a clubhouse and computer lab. One-bedroom units are 691 square feet, two-bedroom, 1,019, and three-bedroom 1,112.
Involved in both residential and commercial development, Trinity has developed over 2,500 housing units, with 1,100 built specifically for seniors. To keep its homes affordable, Trinity focuses on projects that maximize federal and state tax credits.
In Fayetteville, the company is benefitting from a 9 percent low-income housing tax credit (LIHTC) award from the N.C. Housing Finance Agency. (The LIHTC program offers tax credits to companies that provide affordable housing for low- and moderate-income tenants.) Fayetteville also supported the project with federal funds allocated to the city through the Home Investment Partnerships program.
Although the Landing at Beaver Creek is its first foray into North Carolina, a Trinity spokesperson said Friday that the firm has just landed a project in Greensboro.
According to county records, an LLC associated with Trinity purchased 9.5-acres of land from the McFadyen Family Trust for $297,500. The general contractor is Eastpoint Homes, a Jacksonville, N.C.-based company that specializes in building multifamily homes.
Meanwhile, Jerome N. Bell Sr., CEO of Fayetteville’s RAJJ Investment Properties, Inc., is embarking on his first apartment project. Bell recently purchased several parcels in the area of 345 Adam St., east of downtown. On July 23, he held a groundbreaking ceremony on what will be Adams Street Apartments. Bell plans to build the project in two phases, with 12 units in Phase 1 and 8 units planned for Phase 2.
According to county records, RAJJ Investment Properties purchased lots at 341, 345 and 349 Adam Street from Ragland Rental. H2 Contracting of Fayetteville is the primary builder for the apartments.
A former staff sergeant in the U.S. Marine Corps, Bell also runs ExpressTax Professionals, 2504 Raeford Road. Before diving into the apartment project, his property-investment firm focused on the acquisition and rehabilitation of single and multi-family residences, Bell said.
“July 23, 2021, was by far one of the most special and amazing days of my life to date,” Bell said about the groundbreaking. “My father and family … all showed up to help me celebrate a major accomplishment -- building my first apartment complex. With their continued love and support, I will be building many more.”
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