Affordable Upstate, a regional multi-family investment firm, announced Jan. 11 it partnered with Easlan Management, a full-service property management company, to acquire The Terrain at Haywood in Greenville and Hillcrest Townhomes in Spartanburg for $25.55 million.
The combined complexes have a total of 235 units. The Terrain at Haywood was purchased from Nexus Real Estate in Pittsburgh, Pennsylvania and Greenleaf Management of Norcross, Georgia sold Hillcrest Townhomes.
“These two properties are great additions to our portfolio and we are excited to have them,” said Affordable Upstate co-founder Mario Brown. “We look forward to what these two locations can become for the Upstate community as it continues to grow.”
Following the acquisition, Affordable Upstate plans to update both properties, including:
- A full renovation of the Hillcrest property’s unit interiors and property amenities
- Rebranding Hillcrest Townhomes as Trailside at Hillcrest, as a nod to its location on the Dan Trail in Spartanburg
Easlan Management will also serve as property manager for both apartment communities.
The acquisition of these two properties brings Affordable Upstate’s workforce housing portfolio to more than $100 million in assets, with 900 units across the Upstate.
