DreamKey Partners hosted a groundbreaking event for a new affordable for-sale townhome development, Aveline at Orange Street. The townhomes will create affordable options for first-time homebuyers and reduce gentrification in the Grier Heights neighborhood.
“As house prices continue to rise in Charlotte, we are finding ways to create affordable solutions for homebuyers,” said Julie Porter, president of DreamKey Partners. “It takes many resources like funding and partnerships to address a very complex societal problem and our Aveline at Orange Street homes will help preserve homeownership opportunities for families for years to come.”
With expected completion in summer 2024, Aveline at Orange Street will be 1,550 square feet with three bedrooms, two and a half bathrooms and a two-car garage, starting at $284,000. Target homebuyers have a household income of up to 80% of the area’s median income. Additionally, qualified homebuyers can get up to $80,000 in down payment assistance toward the purchase price and can begin their homebuying journey by registering for the Financial Empowerment Education course provided by DreamKey Partners.
A land donation by Flagship Healthcare Properties, LLC, and financing from the City of Charlotte Housing Trust Fund and Housing Partnership Network New Market Tax Credits provides funding for the development. Watts Leaf Architects, PA, designed the homes, Timmons Group is the civil engineer, and JCB Urban Company is the builder of the townhome community.
“The Grier Heights neighborhood was founded on the rich legacy of self-sufficiency, family, education and entrepreneurship and we want today’s buyers to know they will begin their homeownership journey in a community that continues to uphold these values,” said Dr. Stacey Price Brown, President of Grier Heights Community Improvement Organization. “Our collaboration with DreamKey Partners is to build homes and to ensure that qualified buyers will receive the resources needed for sustainable homeownership.”
DreamKey Partners is a full-service real estate development organization that seeks public and private financing for land development, acquisition, design, entitlement, and construction. DreamKey has completed $392 million in real estate investments and provided financial education and counseling to more than 40,000 people and $40 million in down payment assistance.