CHARLESTON, S.C. — Greystar Real Estate Partners LLC has launched Greystar Credit Partners II LP (GCP II), a $600 million fund focused on the acquisition of securitized subordinated debt issued by government-sponsored enterprises (GSEs) as well as private label securitizations, junior notes or mezzanine debt collateralized by multifamily assets. GCP II is the successor to GCP I, a $500 million fund created in 2018 that completed its investment activities concurrent with the formation of GCP II. Brett Lashley and Patrick Reilly of Greystar will oversee GCP II’s investment and portfolio management activities.
FORT MILL, S.C. — Crescent Communities has delivered Stateline Logistics Center, a 104,000-square-foot industrial facility in Fort Mill. The property offers 30 dock doors, two drive-ins, a 130-foot truck court and parking for trailers and cars. The asset is located within Lakemont Business Park, which is situated along Interstate 77 and 14 miles south of Charlotte Douglas International Airport. Merriman Schmitt Architects designed the building, Intercon Building Corp. was the general contractor and Cushman & Wakefield is handling leasing.
SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.
PELZER, S.C. — Rooker Co. will develop Pelzer Point Commerce Center Building One, a 212,500-square-foot speculative industrial property in Pelzer. The Atlanta-based developer expects to break ground Aug. 5 and deliver the property in the third quarter of 2021. Rooker expects total development costs to total $22 million. The property is situated at 1630 Easley Highway, 15 miles southwest of downtown Greenville. The asset will feature 32-foot clear heights, 50 dock doors and office space. The building will be Anderson County’s first speculative industrial building with Interstate 85 frontage, according to Colliers International. Pelzer Point can also accommodate an additional 187,000-square-foot development. Garrett Scott, John Montgomery and Brockton Hall of Colliers will lead the leasing and marketing effort on behalf of Rooker.
SUMMERVILLE, S.C. — Frampton Construction Co. LLC has delivered a 211,000-square-foot industrial expansion for IFA Group, a German-based auto parts supplier, in Summerville. The property, situated within Charleston Trade Center, features 32-foot ceilings, a second cafeteria and 16,000 square feet of office space on the second floor. The building now totals 448,765 square feet. The Keith Corp. is the developer of Charleston Trade Center, which is situated adjacent to Interstate 26 and 27 miles northwest of the Port of Charleston. McMillan Pazdan Smith Architecture designed the project.
GREENVILLE, S.C. — Asking rents for the retail market in Upstate South Carolina are beginning to bounce back from the COVID-19 hit the sector took in the first quarter, NAI Earle Furman research has found. The Greenville-based brokerage firm reports that second-quarter rents were up nearly 10 cents to just shy of $10.90 across the region and $1.10 higher in the Greenville central business district (CBD) and West End. For the region, asking rates were around $11 per square foot at year-end 2019, showing the market still has some recovering to do, though. Additionally, the vacancy rate has climbed to nearly 5 percent in the second quarter, up from 4.5 percent the previous quarter and just over 4 percent at the end of 2019. Vacancy in the Greenville CBD was relatively flat, coming in at 5.3 percent in the second quarter, compared with 5 percent in the first quarter. Absorption fell slightly in Upstate, too, from 8,000 square feet to 1,000 square feet of positive absorption.
COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.
GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.
CAYCE, S.C. — The Simpson Organization Inc. plans to develop a $65 million mixed-use project at the intersection of Interstate 77 and 12th Street in Cayce. The Atlanta-based developer acquired 36 acres of Dominion Energy’s 260-acre Otarre Pointe development for the project, which is slated to include apartments, restaurants, retail space, a hotel, office space and an entertainment area. ODA Architecture is the designer, Paris Projects is the general contractor and EB Development will handle leasing and marketing. Simpson Organization expects to break ground on Phase I in late 2021. The property is located seven miles south of downtown Columbia.
GREENVILLE, HARDEEVILLE AND IRMO, S.C. — Southwood Realty has acquired a four-property apartment portfolio totaling 1,120 units across South Carolina for $146 million. The four communities include Ardmore at the Park and Ardmore Howell Road in Greenville, Ardmore New River in Hardeeville and Ardmore Ballentine in Irmo. Each of the properties features amenities such as a pool, fitness center, playground, business center and grilling area. Austin Green and Caleb Troop of Capstone Apartment Partners represented the seller, Greensboro, N.C.-based Ardmore Residential. The team also procured the Gastonia, North Carolina-based buyer. “We continue to see demand from investors for well-located, new-construction garden product across the Carolinas,” says Troop. “Multifamily investment throughout in-migration markets like Greenville, Charleston, Columbia and Hilton Head has weathered the pandemic storm quite well this year.” The 305-unit Ardmore at the Park sold for $39.8 million and has been renamed Palisades at the Park. Built in 2017, it was 95 percent occupied at the time of sale. Ardmore Howell Road, now renamed Palisades at Howell Road, sold for $33.3 million. Built in 2016, it was 90 percent leased at the time of closing. Located less than 25 miles from the Atlantic Coast, Ardmore New River sold for $35.1 …