A national multifamily investment firm has revealed plans for a build-for-development project in Spartanburg County.
TruAmerica Multifamily, acquired a 33-acre site in the Spartanburg, market and has revealed plans to develop Hartley View, an $86-million Build-for-Rent community, according to a news release.
The land acquisition sets the stage for TruAmerica’s first BFR development, which will encompass 281 units and includes a mix of 214 front-loaded townhomes, as well as 67 detached, front-loaded single-family residences, the release stated.
The cross streets of the property are Jersey and Bishop roads.
“Hartley View is our inaugural Build-for-Rent development, and the community represents the culmination of a strategic endeavor that commenced last year with the launch of a BFR platform as part of TruAmerica’s overall portfolio of workforce housing communities across the U.S,” said Mitch Rotta, senior managing director, and head of build-for-rent at TruAmerica, in the release. “Our BFR strategy is anchored on building communities in hyper-growth markets, near strong and expanding employment bases. Our BFR projects are designed to appeal to both renters by choice, as well as by necessity, who are seeking a single-family residential living style, along with the amenities found in today’s popular apartment communities.”
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Horizontal construction at the site is slated to begin in Summer 2024, and vertical construction is anticipated to commence on the project in December 2024, the release estated. Delivery of the first units is scheduled in Summer 2025.
Residential layouts will be configured across seven floor plans, and units will feature garages and backyards, according to the release. Hartley View’s unit sizes range from nearly 1,260 square feet in a two story, two-bedroom, 2.5 bath and one car garage configuration up to the largest units featuring more than 2,200 square feet in a two story, four-bedroom, 2.5 bath with two car garage home.
Hartley View is a HOA community planned to include a dedicated main entrance and leasing office with clubhouse. Amenities include a pool, dog parks, playgrounds, community parks, more than four acres of open wooded and recreation spaces that are connected to a trail system, and adjacent to old growth trees and wetlands, the release stated.
Purpose-built BFR communities typically offer a larger array of amenities that appeal to the lifestyles and interests of a wide range of renters today, especially since they live like a single-family residence, the release stated. They also help meet housing demand in markets facing an undersupply.
“We are fortunate to be in a strong position as we move forward on Hartley View, since we’ve already completed our acquisition due diligence and secured land financing,” said Rotta. “Those factors contribute to our confidence that we are aligned with investor interests around pursuing deals in a challenging market with higher thresholds, while appealing to land and homebuilder networks seeking third-party BFR partners in California and the SMILE states.”
Brad Morris of New Deco, Inc. represented the seller, Converse Development. The buyer was not represented in the transaction.i