GREENVILLE –Affordable Upstate is bringing new life to two apartment complexes along the West Parker Road corridor.
The affordable housing focused real estate company has purchased a two-story building at 100 Lily Street that has 14 units, and an L-shaped, two-story structure that has 24 at 2001 West Parker Road. The complexes backup to each other, and the goal is to make them one complex known as Vista West III.
“Since 2021, Affordable Upstate has focused heavily on the Berea area,” said Mario Brown, a principal and co-founder of Affordable Upstate. “Preserving housing in the Berea submarket as Greenville grows is a strategic move that ensures that affordable housing options will continue while values and demand increase in the surrounding area.”
This is the company’s third acquisition on Lily Street and gives them a significant competitive advantage, with the entire Vista West portfolio on Lily Street and West Parker Road being 160 units.
Affordable Upstate has partnered with Southeast Affordable Housing Administration (SAHA), a non-profit organization that partners and educates third-party for profit owners on affordable housing incentives, to subsidize the relocation of residents to nearby Affordable Upstate assets as Vista West III is refurbished. SAHA is providing moving expenses as well as subsidizing the rents of the existing residents.
“This is about redefining affordable housing in our community. We believe communities of pride are communities of opportunity. ” Brown said.
In addition, Affordable Upstate will work with Naturally Occurring Affordable Housing Property Management (NOAH), which is an economically mobility-driven property management company, to help place resident's economic health at heart of the project. The organization does things such as report all positive payments by residents to credit bureaus thus increasing their credit score. It also offers a deposit alternative that gives owners more coverage than a traditional deposit and allows residents, often credit challenged, from having to come up with first and last month's rent.
"We operate at the intersection of profit and purpose,” said Brown, Affordable Upstate’s co-founder and principal. “With the assistance of SAHA and NOAH's economically empowering property management practices, our resident relocation strategy exemplifies good neighborliness and reduces. It reduces development costs by concentrating efforts within a strict time frame. This efficient approach allows us to deliver substantial returns to our impact investors while charging below market rent to future residents of Vista West III, demonstrating that community support and financial success can go hand in hand."
About Affordable Upstate:
Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina. Since 2017 they have placed over $50 million of investor equity into socially responsible, environmentally enhanced workforce housing assets, resulting in a diverse and thriving portfolio with over 1,450 apartment units that satisfy the expectations of residents, investors, and communities. Learn more at Affordable Upstate.
Comments