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Greenville Business Magazine

Audubon Closes On First S.C. Property

Jun 12, 2019 11:44AM

Audubon announced it has closed on its first property in South Carolina: Retreat at Waterside in Greenville. This acquisition furthers the firm’s commitment to growing its footprint in the Carolinas and marks the fifth joint venture between Cleveland-based Legacy Capital Partners and Audubon. Joe Hercenberg from Walker & Dunlop helped Audubon secure bridge loan financing from Resource Real Estate Funding.

“Retreat at Waterside aligns with our continued focus on acquiring workforce housing in desirable locations,” said Chris Edwards, managing partner at Audubon. “Much like we’ve done at properties all across the Southeast, we plan to do extensive renovations of the interiors and exteriors, ultimately providing outstanding value to our residents in comparison to many of the newer and higher-end assets in the area.”

Improvements at Retreat at Waterside will include applying fresh paint on the building exteriors, installing new signage, renovating the leasing office, and upgrading finishes inside the units. The development will also receive contemporary additions such as a mail room with a package center, an amenity building featuring a fitness center, and a resident lounge with Wi-Fi and complimentary coffee. Finally, the communal laundry facility will be a relic of the past, as residents will enjoy individual washer and dryer sets in every unit. All renovations are anticipated to be completed over the next 24 months.

Situated with clear visibility on Woodruff Road and Mall Connector Road, Retreat at Waterside is adjacent to the 1,100-acre Verdae master-planned community, a transformative development for East Greenville. The property also offers convenient access to Haywood Mall, the Clemson University International Center for Automotive Research (CU-ICAR), and both the I-85 and I-385 expressways. Retreat at Waterside represents the 24th property currently owned and operated by Audubon, encompassing more than 5,800 individual units throughout the Southeast.