RIVERGATE KW Residential Grows Carolinas Portfolio

The company will manage Covenant Capital Group's 180-unit Icon on the Greenway and 183-unit Veridian.
The Icon on the Greenway in Gastonia, N.C.

The Icon on the Greenway in Gastonia, N.C.

Gastonia, N.C. & Spartanburg, S.C.—Covenant Capital Group LLC has tapped RIVERGATE KW Residential to manage two of its apartment communities in the Carolinas. The Miami-based company has now taken over management of Icon on the Greenway in Gastonia, N.C., and Veridian in Spartanburg, S.C. With these new assignments, the multifamily property management firm has grown its total portfolio to more than 6,500 units in two years of operation.

Located at 1232 East Hudson Blvd., Icon on the Greenway is a 180-unit apartment community in Gastonia, just 15 minutes from Uptown Charlotte. According to Yardi Matrix data, the community has 56 one-, 92 two- and 32 three-bedroom apartments, with stainless steel appliances and granite countertops. Amenities include a swimming pool, an upgraded fitness center, a clubhouse and 390 parking spaces. Covenant Capital Group purchased the eight-building property in 2015 for $15 million.

The Veridian in Spartanburg, S.C.

The Veridian in Spartanburg, S.C.

The other community is located at 315 Birchrun Drive, between I-85 and I-26, on the west side of Spartanburg. The 183-unit property has 21 studios, 42 one-, 96 two- and 24 three-bedroom units. After acquiring the 13-building community in 2012 for $6 million, Covenant Capital completed several renovations, including to the swimming pool, business center, fitness center, children’s playground, pet park and outdoor kitchen.

“We are so excited to work with Covenant Capital on these two incredible communities. Icon and Veridian truly stand out in their respective markets for convenience, luxury and state-of-the-art amenities,” said Marcie Williams, RIVERGATE KW Residential’s president, in prepared remarks.

Recently, RIVERGATE KW Residential also added The Abbey Apartments in Charlotte, N.C., to the company’s management portfolio.

Images courtesy of Yardi Matrix