CHICAGO (November 5, 2020)—Origin Investments, on behalf of the Origin IncomePlus Fund, has made an $8 million preferred equity investment as part of the financing for Lively at Victor Park, a Class-A multifamily property being developed by Orange Capital Advisors (OCA) and its construction arm, CF Evans, in Greer, SC.
In addition to the various attributes of this specific new development, Origin Investments expects its alliance with OCA and CF Evans, with its well-respected 72-year history, will lead to a number of additional and similar development and investment opportunities in the near term.
Lively at Victor Park, a $51 million development, will be located on the 22-acre site of the former Victor Mill. The development has been approved to receive significant tax credits through the South Carolina Textile Mill Tax Credit Program, designed to provide an incentive for the redevelopment of old mill sites. For Origin, the tax credit substantially mitigates repayment risk.
“Lively at Victor Park is a timely, well-conceived and designed multifamily project—a good investment on its own merits,” says David Welk, Managing Director of Acquisitions at Origin Investments. “The textile mill tax credit program collateralizes our investment creating a unique investment opportunity with protection for the IncomePlus Fund and its investors.”
The new development will feature 318 studio, one, two and three bedroom apartments. The average unit will be 879 square feet. Lively at Victor Park overlooks a master-planned park and ponds. Amenities include a two story gym, second floor lounge and Yoga room overlooking the park, a resort style pool, a fitness center with Crossfit and TRX Equipment, a pet park, an outdoor grilling cabana and fire pit as well as professional dog washing stations and an auto car detail center.
Construction already has begun. Phased in occupancy is expected to take place beginning in the Winter of 2022. Stabilization of the asset is anticipated by Spring 2023.
Lively at Victor Park is within a 10-minute walk of the Greer Station downtown area, which includes award winning restaurants and more than 40 buildings listed on the National Register of Historic Places. Greer is located with the Greenville-Spartanburg-Anderson MSA, the largest MSA in South Carolina. Among the largest employers in the area include a BMW manufacturing plant located in close proximity to the project. Approximately 8,800 people are employed there making it one of the top employers in the MSA. Other area employers include Prisma Health, the State of South Carolina, Michelin North American and Spartanburg Regional Healthcare.
Orange Capital Advisors is an integrated developer and is backed by its sister company, General Contractor CF Evans. The firm has 72-years of experience with 13,000 multifamily units constructed to date. CF Evans currently has eight projects totaling nearly 2,200 units in varying stages of construction. These additional projects are located in North and South Carolina.
“Lively at Victor Park is a unique and very exciting development opportunity,” adds David Scherer, Co-CEO of Origin Investments. “We’re also very excited about additional development opportunities with OCA and CF Evans and anticipate that in the near term we will be coming to an agreement on several other projects in the Carolinas.”
About Origin Investments (OI)
Origin Investments is transforming the way individuals invest in private real estate by providing best-in-class investments with fair fees. With regional offices across the country, we effectively acquire and develop multifamily properties in 11 of the fastest-growing markets in the U.S. Since our founding in 2007, we have executed more than $1 billion in real estate transactions, more than 1,200 individuals have invested with us and our principals have invested more than $56 million alongside our investors. We pride ourselves on offering unparalleled service to our investors and were recently named a consistent top-performing fund manager by Preqin, an independent provider of data on alternative investments. We recently raised more than $150 million for Origin Fund III and are currently fundraising for our Qualified Opportunity Zone and IncomePlus Funds.
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