Greenville Housing Fund (GHF) has announced its purchase of Century Plaza Apartments, formerly known as The Ivy, a 212-unit complex in the Overlook neighborhood of Greenville, South Carolina.
GHF’s largest deal to date, the $31 million acquisition was facilitated in partnership with Greystone Housing Impact Investors, Greystone Affordable Development, and the city of Greenville.
“Century Plaza Apartments is in a great central location with easy access to I-385, downtown, and many employers,” says Bryan Brown, GHF president and CEO. Given the hot rental market within the city, he is also looking forward to a partnership with the Greenville Housing Authority to accept housing vouchers at Century Plaza, creating additional affordable apartment homes.
In addition to the property’s rebranding, GHF intends to invest close to $5 million in the complex, with renovations planned to over half of the units and to exterior siding and windows. A clubhouse will also be renovated with modern amenities and updated gym equipment.
“This transaction was made possible by the collaboration and relationships held by Greystone Affordable Development as a mission-driven affordable developer,” says Tanya Eastwood, CEO of Greystone Affordable Development, the chief development partner. “Our cooperation with Cushman & Wakefield, Greystone Housing Impact Investors, and the Greenville Housing Fund on this time-sensitive deal created new alliances and opportunities to make an impact on the local community, and we are grateful to our partners for their commitment to success.”
Greenville-based Easlan Management Company will provide on-site property management services.
With its latest acquisition, GHF has invested in the production and preservation of 1,048 affordable homes within the city since 2018.