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Affordable Upstate and Easlan Management announce acquisition of two Upstate properties
Local Partners Expand Multi-Family Portfolio with locations in Spartanburg and Greenville
Affordable Upstate, a regional multi-family investment firm, in partnership with Easlan Management, a full-service property management company, announced today the acquisition of The Terrain at Haywood in Greenville and Hillcrest Townhomes in Spartanburg for $25.55MM. The complexes, totaling 235 units, were purchased from Nexus Real Estate in Pittsburgh, Penn. and Greenleaf Management of Norcross, Ga., respectively.
The addition of Terrain at Haywood and Hillcrest Townhomes brings Affordable Upstate’s workforce housing portfolio to more than $100 million in assets, with 900 units across the Upstate of South Carolina. Easlan Management, a Greenville-based multi-family management firm with properties across the Southeast, will provide full-service property management for the apartment communities.
Plans for updating the properties include a full renovation of the Hillcrest property, to both unit interiors and property amenities. Additionally, Hillcrest Townhomes will be rebranded under the name Trailside at Hillcrest, as a nod to its prime location on the Dan Trail in Spartanburg.
“These two properties are great additions to our portfolio and we are excited to have them,” said Mario Brown, Co-Founder of Affordable Upstate. “We look forward to what these two locations can become for the Upstate community as it continues to grow.”
Michael Holmes, President of Easlan Management, agreed. “We’re honored by our partnership with Affordable Upstate in this venture, and are looking forward to managing these two new properties and offering our services and focus on excellence to our new residents.”
About Affordable Upstate
Affordable Upstate, founded in 2017, is a real estate private equity firm focused on redeveloping and redefining naturally affordable multifamily housing in Upstate, South Carolina. Founded by Leadership Greenville graduates, Brian Albers & Mario Brown, the firm has placed over $23MM of investor equity into socially responsible, environmentally enhanced workforce housing assets over the last 12 months.
For more information, visit www.affordableupstate.com.
About Easlan Management
Easlan Management began in 1987, and for more than three decades the company has been committed to providing exceptional service in the multi-family housing industry. Today, with properties across the Southeast United States, Easlan remains focused on providing property management, industry consulting, and leadership insights.
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MISSION
Our mission is to modernize and preserve naturally occurring affordable housing in the Upstate of South Carolina by investing in communities that are as equally fulfilling for our residents as they are strategic for our investors.