South Carolina

Advenir Oakley Breaks Ground on $78M Build-to-Rent Residential Project in Greer, South Carolina

by John Nelson March 1, 2023

GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.

March 1, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

Advenir Oakley Breaks Ground on $78M Build-to-Rent Residential Project in Greer, South Carolina

by John Nelson February 28, 2023

February 28, 2023

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

ACRE, ARK Underway on 150-Unit Single-Family Rental Community in Myrtle Beach

by John Nelson February 24, 2023

MYRTLE BEACH, S.C. — ACRE and partner ARK Residential have announced plans for The Springs at Arcadia, a 150-unit single-family-rental (SFR) community in Myrtle Beach. Located within the master-planned Arcadia community, the development will offer three- and four-bedroom detached homes ranging in size from 1,500 to 2,300 square feet. Residents will have access to Arcadia’s amenities, which include a clubhouse, pickleball courts and a pool. Construction, which is currently underway, is scheduled for completion in the first quarter of 2024. Preleasing began in January of this year, and Elmington Property Management will manage the community. John Alascio, Chuck Kohaut, T.J. Sullivan and John Spreitzer of Cushman & Wakefield arranged $37 million in financing through Arbor Realty Trust Inc. for the project.

February 24, 2023

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 430,920 SF Sagebrook Home Distribution Center in Charleston

by John Nelson February 24, 2023

CHARLESTON, S.C. —JLL Capital Markets has arranged the sale of Sagebrook Home Distribution Center, a 430,920-square-foot facility located at 574 Trade Center Parkway within the Charleston Trade Center. Completed in 2021, the property was fully leased at the time of sale to Sagebrook Home, a home décor company with showrooms in Atlanta, Las Vegas, Los Angeles and High Point, N.C. Stockbridge acquired the asset for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Josh McArdle of JLL represented the seller, Lightstone Group, in the transaction.

February 24, 2023

Acquisitions Affordable Housing Multifamily South Carolina Southeast Top Stories

Greystone to Develop Four Affordable Housing Properties in South Carolina

by Jeff Shaw February 24, 2023

GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …

February 24, 2023

Acquisitions Development Multifamily North Carolina South Carolina Southeast

Terwilliger Pappas to Develop 210-Unit Solis Birkdale Apartments in Huntersville, North Carolina

by John Nelson February 23, 2023

HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.

February 23, 2023

Acquisitions South Carolina Southeast Student Housing

Eric Newton Real Estate Sells 380-Bed Student Housing Community Near Clemson University

by John Nelson February 16, 2023

CLEMSON, S.C. — Eric Newton Real Estate has sold Cambridge Creek Clemson, a 380-bed student housing community located near Clemson University in South Carolina. The property offers 132 townhome units in three- and four-bedroom configurations. Shared amenities include a resort-style swimming pool and tanning deck with cabanas; bathhouse; outdoor pavilion with TVs; and a clubhouse with study lounges, a coffee bar and fitness center. The buyer and terms of the off-market transaction were not disclosed.

February 16, 2023

Development Industrial South Carolina Southeast

Glenstar Properties to Develop 290-Acre Industrial Park in Gaffney, South Carolina

by John Nelson February 15, 2023

GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.

February 15, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Secures $77.5M Sale of Broadstone Ingleside Apartments in Metro Charleston

by John Nelson February 15, 2023

LADSON, S.C. — Cushman & Wakefield has secured the $77.5 million sale of Broadstone Ingleside, a 336-unit apartment community located in the Charleston suburb of Ladson. A joint venture between Abacus Capital and Westbrook Partners purchased the property, which was delivered in 2021. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed seller in the transaction. Broadstone Ingleside features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, coworking spaces, dog park, hammock lawn, outdoor kitchen and firepit, walking trail, 24/7 package room, bocce ball court and an outdoor fitness area, according to Apartments.com.

February 15, 2023

Loans Multifamily North Carolina South Carolina Southeast Tennessee

Berkadia Arranges Equity for Three Southeast Apartment Communities Totaling 875 Units

by John Nelson February 13, 2023

NEW YORK CITY — Berkadia has arranged programmatic equity on behalf of The Sterling Group for the recapitalization of three apartment communities in the Southeast. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the undisclosed amount of financing through a global institutional investor. Properties included in Sterling’s recapitalization include Wellsley Park at Deane Hill in Knoxville, Tenn.; Apartments @ Eleven240 in Charlotte, N.C.; and Enclave at Bailes Ridge in Indian Land, S.C. The communities comprise 358, 271 and 246 units, respectively.

February 13, 2023

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