Listed by Furman Capital Advisors
$5,795,000
Fully Entitled Multifamily Development Site
Details
APN 2-44-14-054.00
Property Type Land, Multifamily
Sub Type Apartment Building, Residential
Units 306
Tenancy Vacant
Acreage 19.700
Investment Type Redevelopment
Land | 19.7 acres
Marketing description
This shovel ready multifamily site on Valley Falls Road in Boiling Springs is an opportunity for a developer to step right into a fully approved institutional sized multifamily suburban-growth play tied to the broader booming Spartanburg/Greenville Upstate economy, without the hassle and timeline required to seek entitlements. The viability of the project is supported by population growth, workforce migration, attainable rents, and spillover from one of the fastest-growing regions in the Southeast.
Investment highlights
- Boiling Springs and Spartanburg County have been growing rapidly, largely from in-migration. Spartanburg County added more than 10,000 residents in a single recent year and has grown roughly 26% over the last decade.
- A diversified employment base reduces lease-up risk. The Upstate SC economy is one of the strongest in the Southeast and Boiling Springs residents enjoy proximity to being in a manufacturing and logistics hub led by heavy hitters such as: BMW, Michelin, Milliken, Spartanburg Regional Healthcare, Inland Port Greer
- Workforce housing is in demand here. A lot of workers in the Upstate earn enough to rent quality apartments but may not be able - or willing - to buy homes at today's prices and interest rates. Median home prices in Boiling Springs are now around the low-$300Ks.
- Close proximity to new "Essentia" mixed use development which includes new charter schools, retail and high end residential. A significant investment in the community that will result in additional retailers and amenities joining the market.
- By acquiring the Valley Falls fully entitled site, you are buying time, certainty and reduced developmental risk. A faster path to construction equates to a quicker return on capital.
Listing Contacts
Listed by Furman Capital Advisors
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