Greenville, SC —Capstone Companies facilitated the sale of a ±5.04-acre development site in Greenville, South Carolina. The site consists of six parcels and is located at 130 Prospect Street just south of W Faris Rd, between I-185 and Hwy-81, and is adjacent to Prisma Health Greenville Memorial Hospital. The buyer, Lincoln Avenue Capital, is an affordable housing developer based out of Santa Monica, CA.
“We’re excited to get started on our first project in the Greenville MSA,” said Regional Project Partner, Rusty Snow. “The site’s proximity to many of the major employers in and around Grenville drew us to this location, and there is high demand in the submarket for a thoughtfully designed, attainable rental community,” added Snow.
The Capstone brokerage team was led by Ron Corrao, a Partner at Capstone Companies, as well as Director of Multi-Family Investment Sales, Eric Liebich. The Capstone team represented the seller in the transaction and sourced the buyer as well.
“Future residents will benefit greatly from the site’s ideal location being in close proximity to a variety of retail, commercial services, and healthcare facilities,” said Corrao. “Additionally, this project is a great example of how both the City of Greenville and the development community continue to make quality affordable housing a main area of focus to meet the needs of local residents,” added Liebich.
Lincoln Avenue Capital will break ground later this year on the development with plans calling for a 60-unit, infill townhome community that will be branded as The Dunean Mill Townhomes. Situated in a Qualified Census Tract (QCT), the site qualifies for certain tax-exempt bonds through the South Carolina State Housing Finance and Development Authority, as well as other tax incentives designed to drive long-term capital investment into up-and-coming areas.