Cape Fear Collective recently closed on its purchase of Driftwood, a 15-unit apartment complex off Princess Place Drive in Wilmington.
Driftwood, a tax credit project developed 16 years ago to provide housing for chronically homeless residents, went up for sale in January and went under contract
with CFC in March.
The $1.2 million transaction, completed with the help of investment support from Live Oak Bank, was brought about by the nonprofit organization's efforts to address the lack of affordable housing in the region.
The Driftwood deal is also part of a broader initiative called Cape Fear Collective Ventures, a social impact investment
vehicle "aimed at raising capital to scale solutions in affordable housing, workforce development, small business growth and transportation challenges," stated the Cape Fear Collective's newsletter, The Beacon.
The newsletter explained what's next for Driftwood.
"Driftwood has been around for more than a decade. We plan to renovate to make sure it will be around for a while longer," said Patrick Brien, CEO of Cape Fear Collective, in the newsletter. "The plan is to keep the apartments ultra-affordable. The units will be at 30% to 40% of the area median income. We’re working closely with Good Shepherd Center to make sure we have support systems in place so residents will have a safe, clean place to live.
"We’re really looking forward to working with community members and community organizations to think through what the next chapter of Driftwood looks like."
More deals like the Driftwood purchase could be in CFC's future.
Brien stated in The Beacon, "We believe housing should be attainable for all people and we’re going to continue to follow the lead of the community and nonprofits who have been on the frontlines of these issues for decades."