Greenville Apartment Community Trades Hands for $42M

By Dees Stribling, Contributing Editor

Greenville, SC—Trade Street Residential Inc., a multifamily specialist, has acquired the Aventine Greenville, a newly constructed 346-unit apartment property in Greenville, SC, for about $42 million. The property is currently 76 percent leased and the buyer expects it to be stabilized by the second or third quarter of this year.

Flournoy Development of Phoenix developed the property, as one of two it completed recently in Greenville, the other being the Verandas at The Point. Trade Street obtained a mortgage of $21 million for the acquisition and used a portion of the cash received from a recently closed offering to fund the purchase. The mortgage bears interest at a fixed rate of 3.7 percent with five years of interest-only payments followed by payments based on a 30-year amortization schedule.

The Aventine Greenville includes one-, two- and three-bedroom units featuring walk-in closets, vaulted ceilings, and balconies or sunrooms. Common amenities include a WiFi cafe, fitness facility, pet park, business center, and a resort-style pool with cabanas.

The property is located at 97 Market Point Dr. and is adjacent to the Millennium Campus, a 500-acre master planned corporate and research park. Millennium Campus was started in the mid-2000s with a goal of attracting life science, pharmaceutical, biotech, and automotive suppliers, among other industries. It is near the Clemson University International Center for Automotive Research.

Greenville, in the northwestern part of the state, is the largest city in the Greenville-Anderson-Mauldin MSA, which had a population of about 842,800 in 2012, up from 824,100 (more than 2.2 percent) in 2010, according to the Census Bureau. Trade Street Residential is primarily an investor in mid-sized cities and suburban submarkets in the southeastern United States, plus Texas.