Fully entitled, multifamily opportunity - Alys Mill
291,580 sf fully entitled-multifamily redevelopment
Marketing description
This rare mill redevelopment project represents an extraordinary opportunity for a multifamily developer seeking a high visibility project in a tight submarket..
Southeast Pickens demonstrates strong fundamentals, making it an ideal location for multifamily development. With limited new supply in the pipeline and no construction starts in the past 12 months, demand remains high, supported by consistent rent growth. The submarket’s average building age of 42 years and minimal loft inventory underscore the opportunity for modern redevelopment. Alys Mill qualifies for multiple tax credits, including 15 years of flat taxes through the Bailey Bill, and is also situated in an Opportunity Zone.
Investment highlights
- Limited supply of new multifamily in the current development pipeline (lower vacancy than Greenville)
- Bailey Bill tax abatement projected yield upwards of $4.65M in savings (over 15 yrs)
- Property approved for Historic & Textile Mill Rehabilitation tax credits (approx. 40% rebate on construction costs)
- Consistent submarket rent growth in recent years
- Property is on the new, 7.5-mile Doodle Trail
For the full details on this development opportunity, register for the Offering Memorandum at https://www.avisonyoung.us/properties/212-rice-road-easley-sale
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