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 collaborated on the acquisition and mortgage revenue bond investments with two nonprofits, including Opportunity South Carolina (OPSC), which encourages economic development and minority group entrepreneurship in the state’s Opportunity Zones.
Greystone worked with OPSC on three acquisitions as the developer of record. GHI’s Rob Schultz worked to arrange an acquisition financing via tax-exempt mortgage revenue bonds.
Cushman & Wakefield’s John Phoenix, Austin Green and Ricky Gore represented the sellers of all four properties.
— Channing Hamilton