GREER, S.C. — A Texas-based nonprofit housing operator is buying the 318-unit Victor Park Apartments in Greer, financing the deal with about $69.9 million in tax-exempt bonds issued through the South Carolina Jobs-Economic Development Authority, according to an Oct. 14 announcement from JEDA.
The buyer is listed as SFRI-Sixteenth Floor Obligated Group, which is tied to Sixteenth Floor Residential, a 501(c)(3) nonprofit that develops and operates mixed-income apartment communities. JEDA said the $69,875,000 in Economic Development Revenue Bonds will fund the purchase of the property at 1000 Village Mill Drive in the Spartanburg County portion of Greer. The complex offers studios through three-bedroom units ranging from 478 to 1,200 square feet and has five employees, the agency said. The seller was not named.
Victor Park is a relatively new asset. The four-story community was built in 2022 and traded hands once already in 2023, when Cushman & Wakefield represented an undisclosed buyer and CBRE represented local developer Orange Capital Advisors, according to REBusinessOnline. That report described amenities including a saltwater pool, sky lounge, dog park and a two-story gym with a climbing wall, with listed rents at the time of $1,225 to $1,785 a month.
The deal uses tax-exempt financing to move a recently built Class A complex into nonprofit ownership rather than adding new affordable units from the ground up. Sixteenth Floor Residential says on its website that each of its communities mixes renters earning under 50% or 60% of area median income, households earning under 80% of AMI, and market-rate tenants, who must make up at least 25% of units. The nonprofit says its properties are all Class A and less than 15 years old, are managed by Asset Living, and offer the same amenities regardless of a resident’s rent tier. JEDA’s announcement did not spell out the specific income limits or share of restricted units that will apply at Victor Park.
The nonprofit, headquartered in El Paso, Texas, with a Southeastern office in Summerville, lists three other established South Carolina communities totaling about 877 units, plus holdings in North Carolina and Georgia. JEDA Executive Director Jesse A. Smith said in the release that “strong housing options are essential to South Carolina’s continued growth.”
For the Greer market, the deal brings no new units to the supply pipeline, but if the nonprofit applies its standard model, a sizable block of existing apartments could be reserved for lower- and moderate-income renters. For investors and developers, it points to another exit path for newer multifamily assets: a sale to a mission-driven buyer backed by tax-exempt bonds. Current and prospective renters may see income qualifications apply to some units over time, though no details were released.
Sources: S.C. Jobs-Economic Development Authority, Sixteenth Floor Residential, REBusinessOnline
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