Tartan Residential has received $32.3 million in construction financing for Johnston Farms, a 120-unit workforce housing development located in Rock Hill, S.C. JLL secured the funds for the project, which is expected to open in the second quarter of 2027.
The financing consists of a $23.5 million HUD construction loan with $8.8 million in joint venture equity.
Efforts on the project have been ongoing since 2020, when The Business Journal reported on two workforce housing developments for Tartan that had their rezoning requests were approved. In 2022, the Local Initiatives Support Corporation awarded the Johnston Farms project with a $1.27 million predevelopment loan.
The affordable community will include apartments for renters earning between 50 and 80 percent of the Area Median Income. Across the community’s five three-story buildings, there will be 72 two-bedroom units and 48 three-bedroom apartments. Through a 99-year Land Use Restriction Agreement, most of the apartments will be income-restricted, and 10 percent will be reserved for combat-disabled veterans.
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Tartan enlisted a development team including BCCM as the general contractor and UES Consulting Services for engineering and environmental consulting. Each residence will include a mini split HVAC system, LED lighting, water heaters and low-flow plumbing fixtures for low energy costs and performance.
Plans for the project also call for a 2,100-square-foot community center featuring a library, exercise room, resident office space and computer lab. Other amenities on the property include a playground, walking trails and an on-site dog park.
JLL’s Director Kavin Barron and Senior Analyst Ellie Savage represented Tartan Residential in the transaction.
Johnston Farms is being developed on 24 acres at the corner of Anderson and Princeton Road in Rock Hill. The town is 28 miles south of Charlotte and located near the York Technical College, where the developer is looking to implement incentives for residents to pursue certificates or degrees. Other nearby points of interest include the Northside Recreation Center and Strikers Family SportsCenter.
Charlotte to add more units this year
In the first half of 2025, the Charlotte metro area brought 8,337 units online, according to the latest Yardi Matrix report from August. The city’s occupancy sits at 93.8 percent. An additional 10,000 units are still expected to come online through the remainder of 2025, making it the best-performing year for deliveries since 2017.
In September, Crescent Communities opened The River District, a master-planned development in being built on 1,200 acres. It will include 2,300 single-family homes and 2,350 apartments.
Last week, Greystar purchased three multifamily assets from Blackstone for $218.6 million. The deal brought Greystone an additional 1,000 units to its portfolio with two in Charlotte, and one in Colorado.
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