HOT PROPERTIES: Greenville Housing Fund buys apartments for $31M.

Greenville Housing Fund purchased Century Plaza Apartments, formerly known as The Ivy, a 212-unit complex on Century Drive in the Overbrook neighborhood for $31 million.

It is the Greenville Housing Fund's largest financial transaction ever, according to a news release from the nonprofit.

The acquisition was facilitated in partnership with Greystone Housing Impact Investors LP, Greystone Affordable Development, and with support from the city of Greenville, the news release said.

Bryan Brown, the fund's president and CEO, said that to accompany the rebranding, GHF intends to invest close to $5 million in the complex, with renovations planned to more than 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," Brown said in the news release. Brown stated he is also looking forward to a partnership with the Greenville Housing Authority to accept housing vouchers at Century Plaza.

Tanya Eastwood, CEO of Greystone Affordable Development, the chief development partner in the acquisition, said a national network of organizations helped them complete the deal.

"This transaction was made possible by the collaboration and relationships held by Greystone Affordable Development as a mission-driven affordable developer," she said in the release. "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."

Mayor Knox White said the plan helps the Greenville Housing Fund meet its objective of achieving affordable housing solutions in the city.

"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," White said in the release. "Under GHF's stewardship, these apartment homes will be improved, preserved and held in trust for the benefit of Greenville residents."

The mayor said GHF has invested in the production and preservation of 1,048 affordable homes within the city since 2018.

Greenville-based Easlan Management Co. will provide on-site property management services.

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