Marlowe, Rock Hill Apartments

Roers Companies is proposing the new construction of a high-quality 196-unit, 55+ mixed income apartment building located in Rock Hill, South Carolina. Offering both affordable and market-rate units can address a wide range of seniors, from those on fixed incomes to those looking for more upscale living options. This mix can enhance the 55+ community’s diversity and vibrancy while fulfilling a broad spectrum of housing needs. This four-story project will offer a variety of unit types ranging from one to two-bedroom, featuring premium amenity spaces including a swimming pool, fitness center, and club room.

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Proximity

As the largest city in York County and part of the Charlotte metropolitan area, Rock Hill combines the charm of a smaller town with the economic opportunities of a larger urban area. Primary access to the area is provided by Interstate 77 and Airport-Pulling Road. Charlotte-Douglas International Airport is located 23 miles of the property; travel time is about 30 minutes, depending on traffic conditions. Downtown Charlotte is 26 miles northeast of the property.

Demand Generators

This project is nestled just south of the Catawba River on Anderson Road, a major north-south thoroughfare in Rock Hill with the project’s location offering future residents direct access to a robust community. The real estate market in Rock Hill has been showing positive trends, with appreciating property values and a competitive rental market. Rock Hill has been experiencing steady population growth, which is a good indicator of a healthy real estate market.

Facts & Figures

  • Equity Raise $19.8M
  • Total Project Cost: $50.8M
  • Construction to begin Q2 2024
  • Developer and Property Manager: Roers Companies
  • General Contractor: Harkins Builders, Inc.

Investment Highlights

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Increasing Population

The demographic trend across the U.S. is toward an aging population, with baby boomers reaching retirement age. This trend is also reflected in Rock Hill and the surrounding areas, creating a growing demand for age-restricted, senior-friendly housing options.

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Mixed Income Appeal

Offering affordable and market-rate units can address a wide range of seniors, from those on fixed incomes to those looking for more upscale living options. This mix can enhance the 55+ community’s diversity and vibrancy while fulfilling a broad spectrum of housing needs.

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Location Benefits

Rock Hill’s proximity to Charlotte, combined with its own local amenities and services, makes it an ideal location for seniors who want the best of both worlds: the tranquility of suburban life with easy access to urban conveniences and healthcare facilities.

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Financing Structure

Leveraging a state program that offers tax exemptions for affordable housing initiatives, Roers Cos. has engaged in a ground lease with a housing non-profit. This strategic move significantly reduces our operational costs, enabling us to deliver robust investor returns while simultaneously addressing the pressing demand for affordable housing in the Charlotte area.

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Institutional Sponsorship

Roers Companies has completed and is currently in the development process on a total of 82 properties comprising 13,000 units across 11 states with total costs of $2.7 billion. The firm has +250 employees nationwide with regional offices in Tampa Bay, FL, and Austin, TX.

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