Charleston Workforce Housing Fund acquires first property in West Ashley, immediately lowering rents for working families

Building on its September launch, the Charleston Workforce Housing Fund announced the acquisition of West Wind Apartments, marking the Fund’s first property purchase and an early milestone in its effort to preserve and expand access to affordable housing for the region’s workforce.

The Fund, catalyzed by the Charleston Regional Development Alliance (CRDA) and managed by Ascent Housing, acquired the 212-unit multifamily community in West Ashley in late December. Housing Collaborative, a 501c3 nonprofit committed to making affordable housing easier to navigate, is also a partner in the project.

A 20-year affordability deed restriction was recorded at closing, meaning rent protections and affordability commitments went into effect immediately upon acquisition. As a result of the acquisition, monthly rents for new residents will decrease by hundreds of dollars, delivering meaningful relief while providing access to working families who have been increasingly priced out of high-opportunity areas of the Charleston region.

For households earning 60% of Area Median Income (AMI) or less, monthly rents will become $275 to $475 lower than comparable apartments in the surrounding area, representing a 20% reduction from prevailing market rents. Due to rising rents and higher income screening thresholds, many of these households have struggled to qualify at West Wind and similar communities in recent years. Today, 40% of apartment units at the property are now reserved for households earning less than 60% AMI, restoring access to a neighborhood that has become increasingly out of reach.

The 212 apartments at West Wind are home to an estimated 525 residents, including individuals and families who power the region’s businesses, schools, healthcare providers, and essential services. The property includes one-, two-, and three-bedroom units, supporting a range of household sizes and needs. Existing residents of the property can continue to renew their leases each year and will not be displaced. Households with eligible incomes will have the option to become income-qualified at lease renewal, creating the potential for their monthly rent to decrease.

“This acquisition demonstrates exactly what this Fund was created to do: deliver real, immediate impact for working families,” said David Ginn, President and CEO of CRDA. “By securing long-term affordability and lowering rents right away, we’re preserving housing stability, ensuring access to communities where opportunity already exists, and strengthening the Charleston region’s long-term competitiveness.”

“We were immediately drawn to West Wind when we first learned about it,” said Mark Ethridge, Managing Principal and Founder of Ascent Housing. “This project represents a strong opportunity to create housing options for households earning between 30% and 100% AMI at a well-maintained community with great amenities and access to transit, grocery stores, and essential services. As West Ashley continues to see new investment and redevelopment, preserving West Wind as affordable housing is vitally important to reduce displacement risk, lower asking rents, and promote long-term mixed-income stability for the next two decades.”

Beginning in February, the Fund will launch a $1 million renovation program at West Wind, modernizing apartment interiors, upgrading life safety and plumbing systems, installing low-flow fixtures to reduce water usage, and improving sidewalks, parking areas, drainage, landscaping, and building exteriors. Most notably, the renovation will reconfigure the clubhouse to create dedicated space for a full-time Family Coach, delivered through a new partnership with Trident United Way. Family Coaches will provide on-site counseling, resource navigation, referrals, and programming to support residents’ financial stability, health, education, and overall well-being.

“Access to quality, affordable housing is essential to expanding economic opportunities within communities,” said David Hamilton, Senior Managing Director, Middle Market Banking, The Huntington National Bank, one of the Fund’s initial investors. “Huntington is appreciative of the opportunity to invest in the Fund as we continue to live our purpose of making people’s lives better, helping businesses thrive and strengthening the communities we serve.”

The Charleston Workforce Housing Fund is modeled on Ascent Housing’s Housing Impact Fund in Charlotte, which has preserved nearly 2,000 affordable homes since 2021, and is designed to acquire and preserve existing multifamily housing that is at risk of market-driven rent increases. The Fund aims to preserve 1,000 apartments across Berkeley, Charleston, and Dorchester counties while delivering a modest return to Fund investors.

The Charleston Workforce Housing Fund was launched in September with $35 million committed toward its $50 million goal, supported by corporate and institutional partners across the Carolinas.

Applications at West Wind Apartments are currently open. Interested residents can learn more, schedule a tour, or apply at www.westwindchs.com.

The acquisition of West Wind Apartments represents the first of multiple planned investments by the Charleston Workforce Housing Fund, with additional properties currently under evaluation across the tri-county region.