Arbor Realty Trust Lends $23M for South Carolina Apartments Purchase

Conserve Holdings has nabbed $23.2 million of acquisition financing to purchase a South Carolina multifamily asset, Commercial Observer has learned.

Arbor Realty Trust (ABR) provided the three-year, nonrecourse loan on the real estate investor’s $32.9 million purchase of the 210-unit Cove at Ridge property in Lyman, S.C., from Universal Development & Construction. 

Stephen York, managing director at Arbor, originated the floating-rate loan.

David Walkin, founding partner at Conserve Holdings, said the property consists of many townhomes with attached garages, and he stressed there is heavy demand for this type of rental asset that is not widely available in northwest South Carolina. 

“We’ve been active in the Greenville market since 2020 and I’ve always believed in its long-term potential, even through periods of oversupply and negative rent growth,” Walkin said. “The basis at which we acquired this site is truly unmatched, and we’re excited to continue expanding our footprint in this dynamic market.” 

Located at 610 Universal Drive just north of U.S. Highway 29, the property previously called Universal at Pine Ridge has amenities that include a fitness center, a pool, an outdoor fire pit, a business center and a clubhouse. The apartment complex is about 30 miles from the North Carolina border, and 90 miles southwest of Charlotte.

CBRE (CBRE)’s John Phoenix arranged the transaction.

“As demand for high-quality, affordable housing continues to rise with the Upstate’s booming population and robust job growth,” Phoenix said in a statement referring to the northwest region of South Carolina near Greenville and Spartanburg. “This investment further showcases Conserve’s mission of providing accessible housing options that support Greenville-Spartanburg’s expanding workforce.”

Officials at Arbor did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com