But what about today’s college students?

College life comes with plenty of new challenges. Finding affordable housing can often be a big hassle, especially for out-of-state students. That’s why our Monarch 544 student housing development is a great solution for students, new & old alike. Our Monarch 544 development features all the bells & whistles of our other great multi-family housing developments. This includes, but is not limited to:

• Modern Appliances
• Efficient, Green living spaces
• Beautiful, spacious common areas
• Fitness Center
• Resort-style swimming pool with sound system

Monarch 544 is more than a living space. Students who are interested in becoming a bigger part of their community have opportunities to do so. Incentive-based programs reward students for putting together events, as well as referring other students as tenants.

Bradley Development is proud to be a part of the community of affordable housing developers. We know that this is just the beginning of bringing the best in affordable housing to tomorrow’s leaders.

Visit the Monarch 544 Website »

Both multifamily housing developments are now taking applications for leases. These beautiful new properties include many of the amenities for which Bradley Development has become known. These include, but are not limited to:

• central community center
• playgrounds
• gazebo and picnic benches
• modern appliances
• handicap accessibility

Bradley Developers’ Bay Pointe Phase I helped beautify the neighborhood, and received accolades upon completion. Phase II is position to do the same.

Multifamily housing in Rock Hill, SC will see similar improvements with the Rock Pointe community. This 48 unit development is surrounded by a beautiful wooded area, and is conveniently located just south of Charlotte, NC. Commuters will love living so close to the city.

Both of these developments were completed slightly ahead of schedule, marking Bradley Developers as a company with a long future.

As evidenced in this recent article in The Sun News, the need for affordable housing on the Grand Strand continues to persist. The success of the first phase of the Bay Pointe development led us to begin construction on a second phase.

Phase two will be completed in August, and is expected to fill quickly. Phase one was filled in about three months. The second phase will include similar amenities to the first. This includes:

• 56 Apartments (28 two bedroom/two bath units; 28 three bedroom units)
• Central Community Center
• Playgrounds
• Gazebo
• Picnic Benches

These efficient, affordable apartments will give lower-income families a chance to live in a clean, safe environment. Both Bay Pointe developments are close to schools, the beach & downtown Myrtle Beach. Located on Mr. Joe White Ave., they are also near fire & police stations.

Bradley Developers works closely with Progress Builders, developing much-needed affordable housing for families on the Grand Strand & elsewhere. Interested in learning more about what we do? Contact us today!

While we have several communities in various stages of construction, several are now open & accepting tenants.

Pebble Creek, a 48-unit development located in Lexington, SC, is perfect for seniors. The 2 bedroom, 2 bath units are a comfortable 910 sq. ft. This community is conveniently located near goods & services, and even features a community building. Elevators provide easy access to each floor, and Energy Star appliances will help keep monthly costs down for those on a fixed income.

At nearly twice-the-size, our Carolina Cove community boasts 100 units. Located in Greenville, NC, this multifamily development is near local schools, parks & shopping areas. Students & families alike will love this affordable community. Rates start at just $227, with 1, 2, 3, & 4 bedroom apartments available.

The 64 unit Orchard Creek development features 2 & 3 bedroom apartments, each with energy-efficient appliances. Located just a few miles from downtown Winston-Salem, NC, this multifamily community provides easy access to local hospitals, schools & more. Apartments will fill quickly in this popular community, and we expect demand to continue as the national trend has indicated.

We are dedicated to providing quality affordable housing for today’s families, young professionals, students & more. The growth we’ve experienced is not just an indicator of our hard work & smart investment. It illustrates that the need for smartly-designed, well-built affordable housing communities is growing. Bradley Developers is excited to be a part of the business of providing a place for families to grow, students to learn, and seniors to live comfortably & respectfully.

It’s no secret that multifamily housing developments are gaining popularity. The recent housing market crash has played a big role in changing our perspective on what kinds of homes people need (and can afford). The role these kind of communities play is changing with the home building & buying trends. Let’s explore some facts/myths about low income housing.

Fact #1: “Low Income” = “Most of Us”

Consider this: “rent/mortgage affordability” is defined as costing no more than 30% of your income. That, to me, sounds like a pretty reasonable figure. Yet, according to the U.S. Dept. of Housing & Urban Development (HUD), more than 12million renter and homeowner households now pay more then 50% of their annual incomes for housing. That’s half of your “take-home” pay gone just for a roof & four walls!

The median household income for SC residents in 2008 was $44,625 [source: U.S. Census Bureau]. Halve that number, and try to see a family of four surviving on it. Pretty tough, right? And that’s a median figure of all households. Over half of SC households make less than $45k today.

Fact #2: More Demand for Multifamily Communities = More Opportunity To Invest (and see serious ROI)

Well this certainly looks like a statement of the obvious, doesn’t it? Yet there are still many investors & those involved in Real Estate speculation focusing on buying/selling foreclosures. While we agree that there are many viable investment strategies when it comes to Real Estate, the facts are these: over half of Americans say they are wary of buying a foreclosed property. Sales of those properties are down, and there are a number of reasons for it.

This attitude is reflected in the continuing rise of demand for affordable housing. A young family has a better chance of managing their finances properly if their living expenses are in line with their income(s). College-educated young professionals are taking lower-paying jobs in markets that, years ago, were flush with large salaries. Many of our communities are in-or-near urban areas populated by new graduates starting their careers. These affordable housing communities make great first homes for them, something we didn’t see as much of just a few years ago. This trend makes investing in & building multifamily housing a smart move.

Fact #3: Affordable Housing Fights Urban Decay

Cities rise & fall. It’s a story as old as human history. Trends in trade & commerce can make a city wealthy in a relatively short period of time. But trends change, and perhaps they do so faster today then ever before. The massive amount of Real Estate development that occurred on he Grand Strand over the past 15 yrs is just one example. Now, the city is littered with exclusive neighborhoods that remain largely empty. Meanwhile, the (more affordable) housing available downtown continues to decay. While downtown areas like the one in Myrtle Beach may not have been attractive investments for the high-end property developers, Bradley Developers sees things differently.

Our Bay Pointe multifamily housing development is just one example of how these communities can improve the community. Demand was so high for these units, that a second phase is already under development. Downtown Myrtle Beach has long been in a state of disrepair. This community is giving working-class families a chance to live in new, clean & affordable housing that’s safe for their children. That’s an investment that works for everyone.

We continue to watch the housing market trends. It certainly remains volatile, but change & volatility always means opportunity. Bradley Developers knows that the opportunity is not just for investors, but for our community as a whole. Investing in the people by providing affordable housing is just one way to realize this opportunity. We’re looking forward to 2011 as being a year of recovery for many American families, and a year of growth for our industry.

In Rock Hill, SC, we’re developing the Rock Pointe community. 48 units: 24 two bedroom/two bath units, 24 three bedroom/two bath units will be available to families in Spring 2011.

Bradley Development continues to build great affordable housing in the Carolinas. We couldn’t do this without our team. Progress Builders has been a big part of this growth & success. Both of these new developments will be financed with the following partners:

• Construction Loan – Churchill Mortgage
• Syndication Equity – PNC Multi-Family Capital
• Permanent Financing – Community Investment Corporation of the Carolinas
  (CICCAR)
• South Carolina State Housing Finance and Development Authority

Demand for affordable housing has spurred a second phase of growth at Bay Pointe in Myrtle Beach just two months after the first units opened.

The first phase of Bay Pointe, which is on Mr. Joe White Avenue near the intersection with Robert Grissom Parkway, was completed in July and all of the apartments were rented quickly, according to Progress Builders, the development’s builder.

Progress Builders and Bradley Development quickly put together plans for the second phase, which will have 56 two- and three-bedroom apartments, and will more than double Bay Pointe’s size. The second phase got approval this week from the Myrtle Beach Community Appearance Board. Residents must meet requirements showing a financial need.

“It was really successful lease up, and construction went great,” said Michael Allard, the chief construction officer for Progress. “There’s always a lot of demand for affordable housing.”

Sharon Forrest, the executive director of the Myrtle Beach Housing Authority, a public agency that provides housing assistance throughout much of Horry County, said there is a lot of demand for affordable housing.

“Normally the summer months is our slowest time of the year, but we have definitely not seen that this year,” she said. “We’re seeing a lot of people who maybe have not had to ask for help in the past.”

There is a long waiting list for people who want Section 8 housing vouchers, and places like Bay Pointe, which don’t require but do accept the vouchers, help people who need affordable housing.

“It’s definitely a good thing to see more units go up,” Forrest said.

Progress will now apply for building permits and plans to start construction in the next month or two if all the permitting goes smoothly.

The second phase will have a slightly different design and be set back farther from the road. Like the first phase, all of the apartments will have their own entry, and developers will build a second clubhouse, as well as a playground. Allard said construction should be finished in March or April.

The builder and developer are considering even more phases, including a section dedicated to senior affordable housing.

There will be requirements as to who can rent apartments in the building because the project is funded through the state’s Low Income Housing Tax Credit, Allard said.

The credit is an indirect federal subsidy that is used to finance the development of affordable rental housing for low-income households, according to the U.S. Department of Housing and Urban Development’s website.

In exchange for their financial backing, the investors will receive a tax credit, Allard said.
Contact ADVA SALDINGER at 626-0317.

Just past the half-way mark in 2010, and Bradley Development continues to grow & thrive. The success of the Bay Pointe development in Myrtle Beach has meant plans for Phase II. This, along with a new development in Rock Hill, SC, is scheduled to begin construction this Fall.

Bradley Development worked closely with Progress Builders to create a community that is both beautiful & affordable. Completing the construction in just 115 days, Progress Builders has exceeded expectations. This company is setting the bar higher, delivering quality work ahead-of-schedule.

Whether a new family, retired senior or young professional looking to commute, Fountain Hills Phase II will lease quickly. Amenities like 24-Hr Maintenance & easy access to I-385 will attract residents to this wonderful development.

This project was made possible through partnerships with both public & private interests, respectively.

• Construction Financing provided BB&T
• Syndication Equity provided by CAHEC
• Permanent 1st Mortgage Financing provided by USDA
• Permanent 2nd Mortgage financing provided the South Carolina State Housing
  Finance and Development Authority

JULY, 2010

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JULY, 2010: AERIAL PHOTOS

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Bradley Development is uniquely positioned to take advantage of an economy that has been unfriendly to developers of high-end housing. Affordable housing is the future of lucrative real estate investment. The Bay Pointe community illustrates this. Browse our properties to see other fine examples of affordable housing developed by us & our partners.

BAY POINTE ~ MYRTLE BEACH, SC

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