Graycliff Capital Partners, LLC buys Upstate SC apartments for $60M

In November 2018, Graycliff Capital Partners LLC (“Graycliff”) announced the purchase of two (2) established, garden-style multi-family communities: River Falls and Berry Shoals. The combined 480-units are in Duncan, SC, located between Greenville, SC and Spartanburg, SC along Interstate-85.

The flourishing area is home to numerous regional and international employers. Over 15,000 people are employed within five miles of the properties across a diverse set of companies including: BMW, Michelin, and Adidas.

River Falls and Berry Shoals were originally constructed in 2008 and 2003 respectively A mix of one-bedroom, two-bedroom, and three-bedroom floorplans are available at the properties. Post-acquisition, Graycliff plans to implement value-add improvements to the interior units as well as common area amenities.

The communities were purchased from Chartwell Holdings, LLC located in Charleston, SC. Headquartered in Greenville, SC, Graycliff owns 23 multi-family and senior housing rental communities across eight states, including nine communities in the Upstate.