Fully entitled, multifamily development
Alys Mill
212 Rice Road, Easley, South Carolina
Property details
Stats
- Property Type Multifamily
- Year built 1928 (former textile mill)
- Building size (sf) 291,580
- Size (acres) 19.2
- Zoning Opportunity Zone
- Planned units 200 - Studio, 1 and 2 BR
Overview
This rare mill redevelopment project represents an extraordinary opportunity for a multifamily developer seeking a high visibility project in a tight submarket. Qualifies for multiple tax credits and is also situated in an Opportunity Zone.
Location description:
Located in Easley, SC, a small town in the Greenville/Spartanburg MSA. Once a depot for a railroad line, Easley now draws families with its quaint downtown, recreational trails, and proximity to Blue Ridge Mountain hiking trails and waterfalls.
Highlights
Pickens County moratorium on all multi-unit residential extended 6 months (through 10/1/24)
Limited supply of new multifamily in the current development pipeline (lower vacancy than Greenville)
Bailey Bill tax abatement projected yield upwards of $4.65M in savings (over 15 yrs)
Property approved for Historic & Textile Mill Rehabilitation tax credits (approx. 40% rebate on construction costs)
Consistent submarket rent growth in recent years: rates averaging $1.35-1.60 sf/month
Limited supply of studio and 1 BR units in the market; the units can command significant per sf premium
Property is on the new, 7.5-mile Doodle Trail
Team
Steven Peden
Principal, Capital Markets | Multifamily
Avison Young - US - NC - Raleigh
+1 919 291 5650
Rob Howell
Principal, Development & Investment Services
Avison Young - US - SC - Greenville
+1 404 493 3904
Gary Lyons, CCIM SIOR
Principal | Capital Markets
Avison Young - US - SC - Greenville
+1 864 535 5142
+1 919 323 0118
+1 919 323 0118