Minneapolis-based Timberland Partners Investments purchases latest apartment through multi-asset investment fund
September 21, 2021 – Timberland Partners is pleased to announce the acquisition of Oak Ridge at Pelham, a 252-unit apartment community in Greenville, S.C. This is the fifth apartment Timberland Partners has purchased in 2021 and the first in the state of South Carolina. It is also the latest property purchased through Timberland Partners Apartment Fund VIII, a multi-asset real estate fund created earlier this year.
Built in 1986, Oak Ridge at Pelham is situated on 26-acres of serene, mature landscaping. The one and two-bedroom apartments are in two-story buildings with fully equipped kitchens, air conditioning, washer and dryer connections, walk-in closets, overhead lighting in the bedrooms and living room, and private balconies or patios. Select apartments have cathedral ceilings and wood burning fireplaces. Timberland Partners has a capital improvements plan for additional apartment upgrades and amenity upgrade.
The property is located in the quiet Thornblade neighborhood of Greenville. It features shaded walkways, expansive courtyards, a dog park and a newly renovated clubhouse and resident center. There is also a resort-style swimming pool, 24-hour fitness center, tennis, basketball and pickleball courts and gazebo.
Oak Ridge at Pelham has direct access to I-385 Interstate, and is close to many employers, retailers and restaurants. Greenville is a growing community with a strong job market. Large employers like Prisma Health, Michelin, TD Bank, GE Power and BMW Manufacturing are located in the community. The Greenville Area Development Corporation tracked over $631 million of investment in corporate relocations and expansions for Greenville County that added 1,422 jobs in 2020 despite the pandemic. There are also 12 colleges and universities in the area.
“Oak Ridge at Pelham is a natural fit with our portfolio of apartment communities and overarching investment strategy,” said Aaron Spiegle, acquisitions specialist at Timberland Partners. “We are very pleased to be expanding our hands-on, resident-focused property management into the state of South Carolina. We look forward to seeing this opportunity benefit our residents and investors in the years to come.”
Minneapolis-based Timberland Partners now owns and manages a portfolio of 85 communities in 17 states for a total of more than 18,500 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com