Carolinas Multifamily Also Healthy
Other parts of the Carolinas have equally strong apartment markets. Passco Cos SVP-acquisitions Gary Goodman tells us that the Upstate region of South Carolina—Greenville-Spartanburg-Anderson—is seeing population growth and thus ample renter demand. He points out that Greenville’s unemployment rate is 2.2 percentage points lower than the national average, with a concentration of auto-related, engineering, manufacturing, and high-tech jobs in the area.
Recently SoCal-based Passco acquired the 244-unit Vinings at Laurel Creek in Greenville for nearly $31M. The property, completed in 2013, is adjacent to Clemson U’s International Center for Automotive Research, as well as the Millennium Campus Business Park. Lease-up was just completed, and Gary predicts that rents will rise there, since current rents are lower than comparable properties in the area. He adds that Passco is planning a seven- to 10-year hold.