From Market Rate to Affordable Housing: Harbour Lake Apartments

Steadfast has partnered with Walker & Dunlop on Harbour Lake, a 108-unit apartment community in Charleston, South Carolina. The transaction reflects the kind of relationship-driven opportunity in today’s selective multifamily market, where property-level demand is there but the capital structure requires experienced execution.

Harbor Lake was originally a conventional market-rate property. Bill Stoll, Chief Investment Officer of Steadfast, described the asset as “naturally already occurring affordable,” with in-place rents that fell within required affordability limits. In practice, this means the property was already serving renters at an affordable price point before being formally placed into an affordability structure. That rent profile allowed Steadfast to add nonprofit involvement to support real estate tax abatement while retaining operational control.

The partnership aligns with areas where Steadfast has long-standing experience. Bill pointed to the firm’s relationship with Walker & Dunlop, its affordable housing management experience, and its ability to work through the financing as key reasons the transaction made sense. Charleston also represents a new and growing market for Steadfast.

For investors, Harbour Lake offers a practical example of the current cycle. Some apartment assets continue to serve durable renter demand but need a structure better suited to today’s financing, tax, and operating environment. Steadfast’s role is to bring the transaction into a more workable framework, take over management, and execute the operating plan directly.

Harbour Lake is not a Steadfast Direct offering, but it offers a useful look at Steadfast’s operating platform in action. For more on Steadfast’s acquisition activity, read “Where Steadfast Is Deploying Capital: Oxbow Hill Country Acquisition.”

Disclaimer: The information provided in this article is for informational and educational purposes only. It is not intended to serve as investment, tax, or legal advice, nor should it be interpreted as an offer to buy or sell any security. Private real estate investments carry significant risks, including the potential loss of principal, and are intended for accredited investors who understand and can bear those risks. Any discussion of tax treatment relates solely to the property-level structure and does not reflect or predict individual investor outcomes. Tax implications vary based on each investor’s circumstances, and readers should consult their own financial, legal, and tax advisors before making any investment decision.