Greenville Housing Fund has purchased Century Plaza Apartments, formerly known as The Ivy, a 212-unit complex on Century Drive in the Overbrook neighborhood. In its largest financial transaction to date, the $31 million acquisition was facilitated in partnership with Greystone Housing Impact Investors LP, (NYSE: GHI) Greystone Affordable Development, and with support from the City of Greenville.
Bryan Brown, GHF’s President and CEO, says that to accompany the rebranding, GHF intends to invest close to $5 million in the complex, with renovations planned to over half the units and to exterior siding and windows. A renovation of the existing clubhouse will include modern amenities and updated gym equipment.
“Century Plaza Apartments is in a great central location with easy access to I-385, downtown, and many employers,” says Brown. Given the hot rental market within the City of Greenville, he is also looking forward to a partnership with the Greenville Housing Authority to accept housing vouchers at Century Plaza, creating additional affordable apartment home supply for those desperately seeking attainable housing in an apartment community already known for its reasonable rents.
Tanya Eastwood, CEO of Greystone Affordable Development, the chief development partner in the acquisition, noted the national network of organizations involved in completing the deal. “This transaction was made possible by the collaboration and relationships held by Greystone Affordable Development as a mission-driven affordable developer. Our cooperation with Cushman & Wakefield, Greystone Housing Impact Investors LP, 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,” she said.
City of Greenville Mayor Knox White said, “One of the reasons the City of Greenville helped launch GHF and invests resources there is because we know the impact and success of public-private partnerships in producing and preserving affordable housing. Under GHF’s stewardship, these apartment homes will be improved, preserved and held in trust for the benefit of Greenville residents.” The mayor further noted that with this acquisition GHF has invested in the production and preservation of 1,048 affordable homes within the city since 2018.
Greenville-based Easlan Management Company will provide on-site property management services.
For further information, please contact Bryan Brown or visit www.greenvillehousingfund.com.