We’ve invested roughly $2.75 million in the acquisition of a 15-acre property in Greenville, South Carolina, as the future site of a 156-unit apartment community. This project is the first acquisition by the Income eREIT III and serves as another great example of our broader strategy to finance new construction in areas with a growing population.
The property is located in the Water Tower District, a newly-developed community just five minutes from downtown Greenville, which offers restaurants, attractions, and access to the Swamp Rabbit Trail's 22 miles of bike and pedestrian-friendly paths.
Business plan
The project’s sponsor, Urban Realty Partners, plans to finalize permits to build a 156-unit apartment community on the land, a process we expect will take around a year. Once the project is fully permitted, they plan to secure construction financing to pay back our investment.
Why we invested
- Great location: Just five minutes from downtown Greenville, the property provides convenient access to major employers, local retail favorites, and the Swamp Rabbit Trail, an abandoned rail line that has been redeveloped to offer 22 miles of bike and pedestrian-friendly paths.
- Experienced sponsor: Urban Realty Partners is an Atlanta-based real estate firm specializing in developing walkable communities, wherein residents can live, work, and play without getting in their cars. They have successfully completed three apartment developments in Atlanta.
- Strong recent growth: The revitalization of downtown Greenville, combined with proximity to nearby national and international corporations and universities, has spurred strong population and job growth. Since 2010, the Greenville area population has grown by roughly 10%, and job creation continues to surpass the national average.
