242 UNITS — GREENVILLE, SC
In the News
Benefitting from close proximity to Clemson University and major employment centers in the expanding Greenville metro, The Whitley represents an ideal value-add opportunity to meet increasing demand for modern amenities and finishes.
Completed in 1997, The Whitley presented immediate upside potential in 95% of unit interiors upon acquisition. IMG’s planned capital improvements follow a trend of competitive properties in this burgeoning area Multi-Housing News named the No. 1 ‘Top Emerging Multi-family Market’ in the nation.
The Whitley marked IMG’s second multifamily project in South Carolina. IMG acquired Tapestry at Hollingsworth Park, a 242-unit asset in Greenville in August 2021.
At a purchase price at $170,000 per unit, The Whitley represents “excellent price per pound considering the property’s low density and two and three-bedroom unit mix,” IMG's Founder-CEO Neil Schimmel noted. “The immediate area trends to a younger demographic and attracts a higher percentage of renters than the larger Greenville market. The Whitley is attractive to renters looking for flexibility in work-from-home or roommate housing options.”
Having been built as a conventional apartment complex, The Whitley is unique in its larger, two- and three-bedroom mix and ability to attract market-rate residents. Record rent growth in the Greenville MSA is being fueled in part by the accelerating income and home value growth in the area.