We’ve partnered with an experienced developer to acquire 15 acres of land in Greenville, South Carolina, with plans to build a new apartment community on the site. The property is located in the Water Tower District, a newly-developed community just five minutes from downtown.

Along with this investment, we have also invested roughly $2.8 million in a partnership with the same developer to acquire Hampton Station, an adjacent retail destination. By creating housing within easy walking distance of this local favorite, we hope to create an attractive place to live, work, and play that’s more valuable than either the retail or apartments would be on their own.

Business plan

Our partner, Urban Realty Partners, advanced work to secure building permits for 150 to 200 apartments on the property with a bridge loan provided by the Income eREIT III. Now that they have made substantial progress, we’ve invested equity in a partnership with them and they’ve paid back the bridge loan.

Upon finalizing designs and permits, we plan to engage a contractor and take out a construction loan to build the apartments. Following the completion of construction and leasing up the apartments, we plan to seek opportunities for an exit via sale or refinance. We expect the duration of this investment to be in the neighborhood of five years.

Our goal with this investment is to earn a return by selling the completed apartment community for more than we spent on the land acquisition and development.

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 firm specializing in the development of walkable communities. They have successfully completed three similar projects in Atlanta.
  • Fast-growing area: Like many cities in the Sunbelt, a combination of affordable cost of living, business-friendly policies, and agreeable weather has spurred strong population and job growth. Since 2010, the Greenville area’s population growth has exceeded the national average by more than 60%.

As always, please don’t hesitate to reach out to investments@fundrise.com with any questions or feedback.