We’ve invested roughly $2.8 million in a partnership with an experienced developer to acquire Hampton Station, a retail destination in Greenville, South Carolina. The property is located in the Water Tower District, a newly-developed community just five minutes from downtown.

Along with this investment, we’ve also invested roughly $2.2 million in a partnership with the same developer to acquire an adjacent 15-acre property, on which we plan to build between 150 and 200 apartments. By creating housing within easy walking distance of this local favorite, we hope to create an attractive place to live, work, and play that is more valuable than either the retail or apartments would be on their own.

Business plan

Originally built in 1919 as a warehouse, the 58,000 square foot building has been transformed into a retail destination, offering a mix of restaurants, breweries, and attractions such as axe throwing, a fitness studio, and a luxury dog hotel. At the time of our acquisition, the building was 77% occupied. The project’s sponsor, Urban Realty Partners, plans to perform light renovations and lease up the remaining space.

With this investment, we aim to earn consistent cash flow from rent payments, in addition to future upside by selling the property for more than we invested in it.

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.