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Apartment development in Greenville, SC

The Development eREIT has joined the East Coast eREIT in its investment in the construction of approximately 233 apartment units.

Jun 6, 2022

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In August 2019, we partnered with an experienced local developer to acquire 15 acres of land in Greenville, South Carolina, with plans to build over 200 apartment units on the site. Along with this investment, we also invested in a partnership with the same developer to acquire Hampton Station, an adjacent retail destination. The initial investment of roughly $2.2 million was funded through the East Coast eREIT.

Today, we’re pleased to share that the Development eREIT has joined the investment in the construction of approximately 233 apartment units, with an initial contribution of roughly $1.9 million, and expected additional investments of roughly $13.2 million, bringing the Development’s eREIT’s total projected investment to approximately $15.1 million. At the same time that the Development eREIT joined the project, we secured a construction loan of roughly $26.2 million, which, in addition to our partner’s investment, will cover the remainder of the total anticipated construction costs, about $45 million.

We look forward to keeping you updated with further developments on this investment, and as always, if you have any questions or feedback, please visit our help center or reach out to us at investments@fundrise.com.

All updates on this asset

New acquisition: Retail destination in Greenville, SC

Oct 1, 2019

Apartment development in Greenville, SC

Jun 6, 2022

More about this asset

Hampton Station

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