Pedcor Investments Expands Affordable Housing Development in North Carolina

Pedcor Investments is expanding our affordable housing portfolio into Kannapolis, Cabarrus County, North Carolina. The new community, South Emerson Hills Apartment Homes, will offer affordable rents to low and moderate income households in the Kannapolis area and represents over $67 million of economic investment and job creation.

Kannapolis Development

South Emerson Hills Apartment Homes Rendering

On August 26th, 2022, all financing for the new development of South Emerson Hills was closed, allowing for the commencement of construction activities. The 198-unit affordable housing community will be Pedcor’s first in Kannapolis and Cabarrus County and is made possible through collaboration and investment from U.S. Bank, Merchants Capital and the North Carolina Housing Finance Agency. Kannapolis is a suburb in the northeast Charlotte metropolitan area. The South Emerson Hills development is close to many nearby retail stores, parks, schools, churches, restaurants, various entertainment options, and several bus stops. The apartments are intended for households earning up to 60% of the area median income and will allow residents to enjoy a safe and affordable high-quality place to call home.

A Pedcor representative states, “There is a very strong demand in Kannapolis for what Pedcor has planned with the South Emerson Hills Apartment Homes.  South Emerson Hills will be owned and managed long-term by Pedcor as a safe and affordable housing community that will lease up quickly and meet a great need in the area.  Pedcor is proud to be a vital part of the Kannapolis, Cabarrus County, and greater Charlotte community.”

The South Emerson Hills development will consist of 11 three-story residential buildings and will offer 1 bedroom, 2 bedroom, and 3 bedroom floorplans. It will feature several amenities including apartment balconies and patios, exterior storage, a swimming pool with a sundeck, a covered picnic area, a playground, a tot lot, a fully staffed clubhouse with leasing offices, laundry room, fitness center, multi-purpose community and TV room, onsite property management, and a resident computer center. The development address is 3631 Emerson Hills Street, Kannapolis, NC 28083 which is located along the intersection of Mt. Olivet Road and Concord Lake Road. The first completed units for South Emerson Hills Apartment Homes are anticipated to be available for rent in February of 2024.

Pecor’s expansion into the city of Kannapolis will provide stable, inclusive, safe, and high-quality rental housing for people in the community. South Emerson Hill Apartment Homes is one of 187 communities in the Pedcor Companies portfolio. The development is Pedcor’s 16th residential community in North Carolina that involves seven Pedcor-built and nine acquisitions.

Pedcor Companies is a full-service development, construction, property management, banking and finance team committed to creating stable, inclusive, and quality rental housing across the nation. We are cultivating thriving communities. For more information, please visit our website.

Pedcor supports the federal fair housing act and all state and local laws prohibiting discrimination in housing with regard to race, color, religion, national origin, sex, familial status, handicap, creed, sexual orientation, gender identity, and lesbian, gay, bisexual, transgendered (LGBT+) individuals. Pedcor is an equal opportunity provider and employer.