Greenville's Water Tower Apartments sells for $45.4M

CHARLOTTE, Feb. 18, 2025 – JLL Capital Markets announced today that it has secured the $45.435 million sale and financing of Water Tower Apartments, a 233-unit luxury multifamily property in Greenville, South Carolina.

JLL represented the seller, Urban Realty Partners. The buyer was Hathaway Companies. JLL also represented the borrower, to originate the acquisition loan on behalf of the buyer.

Water Tower Apartments, located at 1000 Water Tower Cir., offers residents an exceptional living experience with direct access to the popular 28-mile Swamp Rabbit Trail. The community's prime location provides easy connectivity to downtown Greenville and its thriving business district.

Greenville, South Carolina is a thriving city located in the Upstate region, situated halfway between Atlanta, Georgia and Charlotte, North Carolina. Known for its vibrant downtown area, innovative business climate, and high quality of life, Greenville has become a hub for advanced manufacturing, automotive industries and technology firms.

Water Tower Apartments, built in 2024, offers a mix of studios, one-, two- and three-bedroom units, with an average unit size of 741 square feet. At the time of sale, the property was 10% occupied as it had recently received its certificate of occupancy in December and was in the lease-up phase. Units feature high-end finishes including resilient wood-style flooring, work nooks with built-in desks, gourmet kitchens with designer cabinets and quartz countertops, stainless-steel appliances and luxurious bathroom finishes. Residents can enjoy best-in-class community amenities, including direct access to the popular 28-mile Swamp Rabbit Trail, providing an exceptional living experience in a walkable entertainment district just outside of downtown Greenville.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors John Gavigan and John Mikels and Associate Chase Monroe. JLL’s Debt Advisory team was spearheaded by Director Brad Woolard and Managing Director Taylor Allison.

"The sale of Water Tower Apartments demonstrates the continued investor interest in high-quality multifamily assets in growing markets like Greenville," said Gavigan. "The property's exceptional quality, strategic location on the Swamp Rabbit Trail, and Greenville's strong economic fundamentals made this an attractive acquisition opportunity in today's market."

Urban Realty Partners is a development company that specializes in creating well-planned mixed-use urban projects. Their focus is on enhancing neighborhoods by providing high-quality spaces for living, working and shopping.

The Hathaway Companies, a group of premier full-service real estate enterprises in the Southeast, have created over $1 billion in assets during their 30-year history. Their subsidiaries—Hathaway Development, Hathaway Construction Services and Provence Real Estate Management—are known for delivering excellent service and significant return on investment.