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Trade Street Residential acquires Aventine Greenville for $42M

Trade Street Residential announced the acquisition of The Aventine Greenville, a newly constructed 346-unit Class A luxury apartment community located in Greenville, S.C., for approximately $42M, or $121,000 per unit. The acquisition closed today, February 6. The Aventine Greenville is located at 97 Market Point Drive in close proximity to numerous upscale retail locations and adjacent to the Millennium Campus, a 500-acre master planned corporate and research park. Greenville, S.C. boasts a strong economy with favorable employment trends, a limited supply of competing apartment units, and is located in Greenville County, home to more than 95 Fortune 500 companies as of 2010. The property is currently 76% leased and the Company expects it to be stabilized by Q2 or Q3. The Aventine Greenville offers one, two and three bedroom apartment homes featuring full-sized kitchens with built in microwaves, granite countertops, walk-in closets, vaulted ceilings, private balconies/sunroom options and a full-sized washer and dryer. Its amenities include a Wi-Fi Cafe, state of the art fitness facility, pet park, business center, resort-style pool with cabanas, and a pool pavilion complete with TVs and built-in grills.