Audubon Communities, Legacy Capital Acquire Multifamily Community in Greenville for $47M

GREENVILLE, S.C. — A joint venture between Audubon Communities and Legacy Capital Partners has acquired Waterside Greene, a 378-unit multifamily community in Greenville, for $47 million. The joint venture plans to renovate the interiors and exteriors of the property. Improvements at the property, which the new owners will rebrand as Retreat at Waterside, will cost $4.3 million and will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office and upgrading finishes inside the units. Joe Hercenberg of Walker & Dunlop represented the new ownership in arranging both acquisition and construction loans totaling $42.4 million through Resource Real Estate Funding. Renovations are expected to be completed over the next 24 months. Communal amenities include a bark park, bike racks, fitness center, clubhouse, swimming pool, sundeck, grilling areas, tennis court, playground and an outdoor fire pit. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Chapel Street Advisors, in the sale.