Hathaway Cos. Acquires SC Community
Newly completed, the property began leasing in December.
Water Tower Apartments, a 233-unit luxury multifamily property in Greenville, S.C., has been acquired by Hathaway Cos. for $45.4 million. Urban Realty Partners sold the community in a deal secured by JLL Capital Markets.
Completed in 2024, the community features studio, one-, two- and three-bedroom homes. Units average 741 square feet.
Units in Water Tower Apartments include wood-style flooring, designer cabinets, quartz countertops, stainless-steel appliances and work nooks. The community features a pet spa, pool, rooftop terrace with a chef’s kitchen, fitness center with a yoga room, coworking spaces, outdoor grilling areas and greenspaces and bike storage.
The community is situated along the Swamp Rabbit Trail at 1000 Water Tower Circle. Residents have direct access to the trail and are in close proximity to downtown Greenville with dining, retail and entertainment options.
Woodward Management Partners manages the community. It was recently completed with the help of a $28.4 million construction loan, originated by SouthState Bank, Yardi Matrix data shows.
The community was 10 percent occupied at the time of the sale. It received its certificate of occupancy in December when it began its lease-up process.
Managing Directors John Gavigan, John Mikels, and Associate Chase Monroe led the JLL Capital Market’s Investment and Sales Advisory team that represented the seller. Director Brad Woolard and Managing Director Taylor Allison spearheaded JLL’s Debt Advisory team.
Greenville grows in resiliency
Greenville has been an increasingly popular area, garnering interest from investors and residents alike.
“Greenville has proven to be a resilient market with strong apartment fundamentals and has experienced a lower amount of development and multifamily supply than some of its peer markets in the Sunbelt,” Gavigan told Multi-Housing News. “As a result, we’ve seen growing demand from institutional capital on assets in the Greenville market.”
Gary W. Lyons, CCIM, SIOR, principal, capital markets, Avison Young, told MHN that like other South Carolina markets including Charleston and Myrtle Beach, Greenville is continuing to see a new influx of residents seeking a lower cost of living, seasons and a higher quality of life.
“Greenville County specifically has maintained a right-sized pipeline of new multifamily development which has resulted in steady occupancy rates and rent growth,” he said.
Earlier this month, Flournoy Development Group began construction on Tanner Road, a 461-unit Greenville community expected to come online in March 2027. The development, rising on 21 acres, will feature five four-story apartment buildings and retail spaces.
Last month, a seven-property, 1,068-unit portfolio of Carolina properties built between 1968 and 1973 received an $18.8 million investment from American South Capital Partners for acquisition and renovations on behalf of owner Infinity Real Estate Partners. The South Carolina communities involved in the transaction include: Boulder Creek in Greenville; Crescent Hill Apartments, Spartanburg; Roosevelt Gardens, Orangeburg; Spring Grove Apartments, Taylors.
