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Affordable Upstate, Reedy Property Group buy $13.9M worth of properties in Welcome community
Affordable Upstate, a regional multi-family investment firm, announced Jan. 4 it has partnered with Reedy Property Group, a full-service property management company, to acquire Fairhill Apartments and Fairmeadow Townhomes for $13.9 million.
The complexes, which are located off White Horse Road in the Welcome community, consist of 151 one-, two- and three-bedroom units of affordable workforce housing.
Following the acquisition, Affordable Upstate and Reedy Property Group have planned to overhaul areas of the properties, including
- Outdoor amenities
- Communal areas
- Property branding
The companies also plan to upgrade each unit’s interior with energy-efficient modern finishes and fixtures.
“We are excited to close on these two multi-family assets and continue our focus on providing quality affordable housing options in Upstate, South Carolina,” said Affordable Upstate co-founder Mario Brown.
Fairhill Apartments and Fairmeadow Townhomes join Reedy Property Group’s property management portfolio of over 1,800 Upstate units.
The communities are also part of Affordable Upstate’s 900-unit workforce housing portfolio across the Upstate region.
PRESS RELEASE ARTICLE POSTED HERE WAS ORIGINALLY WRITTEN AND POSTED BY THE UPSTATE BUSINESS JOURNAL. CLICK HERE TO READ FULL ARTICLE.
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MISSION
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.