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Affordable upstate
Monument Capital Management sells Park West Apartments for $39M
Greenville, SC-based Affordable Upstate, whose mission is to preserve local affordable housing, has acquired the 359-unit Park West Apartments in Greenville, SC for $39 million.
Aline Capital sourced $32.4 million of bridge debt for the acquisition and rehabilitation from a private debt fund that was able to provide lucrative terms given the affordable nature of the business plan. Affordable Upstate will spend over $8 million on improvements including repairing deferred maintenance, interior and exterior upgrades and amenity additions.
Affordable Upstate was co-founded by Brian Albers and Mario Brown after they met in the Leadership Greenville program and both saw the community’s affordable housing needs. They have purchased and preserved over 1400 workforce apartment units in the Upstate area of SC.
*Original news article featured in Connect CRE by Lisa McDuffie- linked here.
Atlanta & Southeast + Carolinas + Apartments | October 25, 2022
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Our mission is to modernize and preserve naturally occurring affordable housing in the Upstate of South Carolina by investing in communities that are as equally fulfilling for our residents as they are strategic for our investors.