CHARLOTTE, NC – S2 Capital, a vertically integrated multifamily investment manager, announced it has bought Timber Creek, a 352-unit multifamily property located in Charlotte, North Carolina, and represents S2’s eighth property in the state. Financial terms of the transaction were not told.
Davey Leach, Vice President of Acquisitions at S2, said, “S2’s multifamily investment approach targets high-growth markets across the U.S., and our team is always searching for attractive properties in flourishing cities like Charlotte. We’re pleased to be making our fifth acquisition in Charlotte with Timber Creek, and look forward to enhancing the property while growing our footprint in North Carolina.”
Located at 1100 Falls Creek Lane, Timber Creek sits within the Collingwood neighborhood, six miles southwest of downtown Charlotte. The attractive and expanding Charlotte market has a below-average cost of living, a thriving restaurant and entertainment scene and is a hub for financial services and banking. Charlotte continues to see strong employment growth across industries, with major employers including Amazon, Atrium Health and Bank of America, along with over twelve colleges and universities in and around the metropolitan area. These solid underlying fundamentals and growth trajectory contributed to S2’s acquisition of Timber Creek.
Timber Creek includes studio, one- and two-bedroom floorplans, with finishes such as stainless-steel appliances, large closets, smart thermostats and more. In the property’s community spaces, residents have access to desirable community amenities including an outdoor swimming pool, grilling station, clubhouse and equipped fitness center, a dog park and nature trail, as well as proximity to the Lynx Blue Line light rail system that runs throughout Charlotte.
Following its acquisition of Timber Creek, S2 plans to rebrand the property as The Marley. Additionally, S2 plans to make exterior renovations to the buildings and outdoor amenities, as well as upgrade unit interiors with a competitive set of modern finishes.

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WASHINGTON, DC – The District of Columbia Housing Finance Agency (DCHFA) closed its first affordable housing investment of FY 2024 with the issuance of $59.6 million in tax exempt bonds and underwrote $44.8 million in federal and $8.8 million in D.C. Low Income Housing Tax Credit equity for the construction of Edgewood Commons V Apartments (435 Edgewood St NE). The new Ward 5 senior community will consist of 151 apartments.
DCHFA is proud to continue its partnership with Enterprise Community Development in expanding the Edgewood Commons campus and increasing the number of affordable rental housing units in Ward 5, specifically much needed apartments for seniors, stated Christopher E. Donald, Executive Director/CEO, DCHFA.
In August 2023 the Agency invested $54.7 million in tax exempt bonds for the rehabilitation of Edgewood 611 and Edgewood Gardens Apartments both of which are components of Edgewood Commons. Financing sources for Edgewood Commons V include a $26.5 million loan from the DC Department of Housing and Community Development s Housing Production Trust Fund.
Edgewood Commons V Apartments (ECVA) will be a nine-tale $123 million high-rise with 11 efficiency, 135 one-bedroom, and five two-bedroom units. The building will be restricted to senior residents aged 62 and older, earning 30 percent and 50 percent of area median income (AMI) or less. Ninety-six of ECVA s units will be restricted to residents earning 30 percent AMI or less. Of the 96 units restricted to residents earning 30 percent AMI or less, 56 will be receiving Local Rent Supplemental Program project-based subsidy. Sixteen units out of the 56 units will also be permanent supportive housing units restricted to 30 percent AMI. The remaining 40 units at 30 percent of AMI will receive a rent subsidy through Rental Help Demonstrations (RAD) for Project Rental Help Contact (PRAC). Additionally, 10 units at 50 percent of AMI will benefit from RAD for PRAC rent subsidies. The remaining 44 units at 50 percent of AMI are unsubsidized.
The units will include universal design features to prevent falls and facilitate aging in place. All units will be fully accessible, and bathrooms will have direct access to bedrooms. In addition to accessible bathrooms, each unit will include pull-cords and grab bars. ECVA will also include a 6,500 square foot adult day care located on the ground floor operated by Easterseals. Easterseals provides daily clinical care, supervision, activities, and curb-to-curb transportation for adults, seniors, and veterans.
Through its Multifamily Lending and Neighborhood Investment and Capital Markets divisions, DCHFA issues tax-exempt mortgage revenue bonds to lower the developers costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low-cost predevelopment, construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

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SAN DIEGO, CA – Affirmed Housing, a leading provider of affordable housing throughout California, in partnership on a long-term ground lease with HP Investors, a San Diego-based real estate investment and management company, announced that construction has commenced on Symphony at Del Sur, a new mixed-use, workforce housing community located in San Diego s Del Sur neighborhood and within the Poway Unified School District.
Once complete, Symphony at Del Sur will deliver more attainable housing options and seamless living opportunities for middle-income families and local workers who are otherwise commuting long distances to work. The complex will feature 171 apartments for households earning between 30 and 80 percent of the area median income (AMI), as well as 8,768 sq. ft. of commercial retail space for a future tenant, such as a restaurant, that will provide a gathering place for families and generate jobs in the area.
This project demonstrates what s possible when we come together to do on a common goal – housing hardworking San Diegans, Mayor Todd Gloria said. I m proud that our Affordable Housing Permit Now program, which stemmed from my executive order to streamline permitting for affordable housing projects, has helped Affirmed Housing get these critically needed, rent-restricted new homes through the process so quickly.
Symphony at Del Sur s development uniquely leverages only federal and state tax credits, along with conventional permanent debt. Working alongside the City to secure necessary approvals, Affirmed Housing tapped Affordable Housing Permit Now, a program made this year by the City s Development Services Department in response to an executive order issued by Mayor Gloria directing City staff to streamline the ministerial permit process for affordable, workforce housing projects. The program s accelerated timeline benefits allowed Affirmed Housing to obtain building permits in roughly five months, rather than the more typical 9+-month timeline. The development, one of the first to use the new program, has been well received.
Ensuring safe, high-quality housing for citizens at all income levels is paramount for cities health and prosperity, and the City of San Diego has been a consistent, reliable partner providing the tools necessary to deliver urgently needed housing resources quickly and efficiently, said Affirmed Housing President Jimmy Silverwood. Symphony at Del Sur showcases what s possible under these policies, and it raises the bar on what it looks like to build sustainable and inclusive communities that everyone can delight in.
Symphony at Del Sur is situated on an approximately 3.2-acre site, making use of creative layout strategies to maximize buildable space on the land s unique topography. With height sensitivities in mind, the project s structures are capped out at three tales and will contain 171 apartment homes in a mixture of one-, two-, three- and four-bedroom units, two of which are set aside for the onsite property managers. Each apartment will come with energy-efficient appliances and HVAC. Offsetting a large part of the tenant electrical load, all available rooftop space will be utilized for solar PV. For added sustainability, water-saving measures will also be employed throughout the all-electric residential part of the project.
Incorporated throughout the development are several shared amenities designed to foster community engagement. In addition to the shared laundry room, the first floor will house a community room, an activity-learning center for after-school programs, multiple recreation areas, and property management offices. Outdoor amenities, including play areas for children ages 2-12 and 13-17, will be provided in five main courtyards distributed across the site, and there will be a three-tale garage structure for residential and commercial parking. Residents will also have complimentary access to onsite services and programs relating to financial literacy, health and wellness, resume building, parenting and computer training. An onsite service coordinator will plot community-building activities.
Further supporting Affirmed Housing s emphasis on seamless living, Symphony at Del Sur is located within a high-resource area, giving residents simple access to several off-site amenities. Conveniently located nearby are a public park, public library, grocery store, medical center and pharmacy.
Affirmed Housing s development partners for Symphony at Del Sur include: DAHLIN Architecture Plotting, Project Design Consultants a Bowman Company, NOVA Engineering and Form/Work Landscape Architecture. HA Builder, an affiliate of Affirmed Housing, is the project s general contractor.

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