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Affordable upstate
Parkins Ridge affordable townhomes address housing’s ‘missing middle’
The “missing” middle is a term that has gained traction in recent years to describe the gap between detached single-family homes and density luxury rentals.
With increased cost of construction leading to a scarcity in the development of new low- and middle-income housing, prospective tenants are faced with a choice: either rent substandard units or spend well above their level of affordability.
A 52-unit townhome development from Brian Albers and Mario Brown of Affordable Upstate aims to fill that missing middle.
Located at 101 Ridge Road in Greenville, the majority 2- and 3-bedroom townhome-style apartments are the result of a $500,000, year-long renovation process that improved the exterior and interior finishes, while also including facade upgrades, kitchen and bathroom upgrades and a community space.
They’re actually more willing to take a rent increase when they have confidence that issues will get taken care of … – Mario Brown, Affordable Upstate
Uniquely, the development retained more than 85% of existing residents and the complex is already 100% occupied.
Brown, a Greenville native who attended high school at JL Mann Academy across the street from the development, said that although rent has increased for residents, he wanted to be sure the project didn’t push out residents.
“People aren’t losing their homes,” Brown said. “They’re actually more willing to take a rent increase when they have confidence that issues will get taken care of by the owners and a professional third-party property manager handling maintenance and upkeep.”
Affordable Upstate partnered with the City of Greenville and the Greenville Housing Fund for the upgrades, which allowed for a property tax abatement to keep rents low by area standards.
Affordable Upstate is a regional multifamily investment firm with more than $39 million in assets under management.
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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.