The Greenville Housing Fund (GHF) has purchased Century Plaza Apartments, formerly known as The Ivy, a 212-unit complex on Century Drive in the Overbrook neighborhood. It is GHF’s largest financial transaction to date. The $31 million acquisition was facilitated in partnership with Greystone Housing Impact Investors, Greystone Affordable Development and support from the City of Greenville.
With this acquisition, GHF has invested in the production and preservation of 1,048 affordable homes within the city since 2018. Mayor Knox White said, “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. Under GHF’s stewardship, these apartment homes will be improved, preserved and held in trust for the benefit of Greenville residents.”
GHF will invest nearly $5 million in the complex, with renovations planned to over half the units and to exterior siding and windows. The existing clubhouse also will be renovated, including 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,” says Bryan Brown, GHF’s President and CEO. “Given the hot rental market, we are looking forward to a partnership with the Greenville Housing Authority to accept housing vouchers at Century Plaza, creating an additional affordable apartment home supply in an apartment community already known for reasonable rents.”
Tanya Eastwood, CEO of Greystone Affordable Development, the chief development partner in the acquisition, noted the national network of organizations involved in completing the deal. “This transaction was made possible by the collaboration and relationships held by Greystone Affordable Development as a mission-driven affordable developer. 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. We are grateful to our partners for their commitment to success,” she said.