(Raleigh, NC) CASA is pleased to announce its acquisition of an historic apartment community in downtown Raleigh. Grosvenor Gardens, located at 1101 Hillsborough Street, Raleigh, was built in 1939 and include 62 studio and one-bedroom apartments at below market rents.
CASA credits its ability to purchase these apartments to the Wake Affordable Housing Preservation Loan Fund, led by the City of Raleigh and Wake County, which launched in October 2022 to provide financing for the preservation of existing and naturally occurring affordable housing throughout Wake County. The City of Raleigh also provided a no-interest loan and Self-Help Credit Union provided bridge financing.
“Preserving the affordable housing that already exists in our community and making it affordable long-term is a critical part of CASA’s mission,” says CASA CEO Everett McElveen. “We are grateful for the opportunity to preserve these homes and ensure their affordability and accessibility for years to come.”