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Location: Greer, SC
Acquired: July 2007
Type: Multifamily
State: South Carolina

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The Preserve at West View

Ground-up development of a 216-unit Class A gated apartment complex. The site consists of 13.86 acres with multiple ingress/egress points and good visibility along two thoroughfares. Planned improvements include 14 stone/vinyl-siding buildings containing a mix of 1BR/1BA, 2 BR/2BA and 3BR/2BA units ranging from 803-1,319 square feet. Amenities to include: clubhouse, fitness facility, lounge, business center, conference/meeting facilities, pool, Jacuzzi, car wash, basketball court and playground. Landscaping plans provide ample green space, including a buffered perimeter with natural screening and decorative fencing.

Upside Potential

Ground-up Development – opportunity to generate substantial returns.
Risk Mitigant – The development is a JV with a leading regional multifamily builder. This alignment of interests provides cost advantages and increases certainty of product quality.

Property Fundamentals

Partial Site Work In-Place – The land was purchased with partial asphalt, storm water retention and curb and gutter work already completed. The pre-completion of this work provides a cost savings and eliminates potential construction cost variances.
Highly Desirable Location – The site is centrally located to employment, service and amenity bases, including: new 130-acre Greer Campus of the Greenville Hospital System (0.5 mi), US headquarters of Mitsubishi Polyester Film (0.6 mi), Greer city center (1.5 mi), Greenville-Spartanburg Airport (5 mi), The Village at Pelham, a mixed-use healthcare and wellness development (5 mi), BMW Manufacturing facility (5.5 mi).

Market Fundamentals

Private Investment – Greenville County has announced over $1.4 Billion in new capital investment and over 6,000 new jobs from 2002-2006. And for the past few decades, the SC Upstate has been the recipient of more foreign investment per capita than any other region in the US. The Greenville metro area ranked fifth in the nation for top cities in locating a new facility according to Plants, Sites and Parks magazine in 2004. The Harvard Business Review identified the Greenville-Spartanburg Area as the model of a manufacturing community
Public Investment – In February of 2003, the Greenville Hospital System announced development plans for new a $100 million medical campus on 130 acres, 0.5 miles from the site. This development will occur over 5 to 7 years and will be in addition to GHS’s facilities that are currently in Greer.