Welcome to Invest Local, a series in which we’re shining a light on ways Greenvillians can invest their time, talent, and treasure — locally.
Today, we’re taking a look at one of Greenville’s newest financial investment opportunities, Union House.
Did you know ~85,000 GVL-area households are at 80% AMI (read: area median income) or below? Of that group, ~46,000 are housing cost-burdened with young renters — the most likely to face issues with affordability. It’s no secret that GVL is suffering from a lack of affordable housing capacity, especially for single residents who desire to live downtown.
Enter: Vicinity, a platform dedicated to connecting local ventures with local investors. Their latest project, Union House, will help meet this need, offering rent prices starting at $700.
Union House will be the first single-family development purpose-built for communal living. Its unique designs will offer affordable housing for multi-family tenants within the constructs of single-family home construction. More on that in a second.
This efficient layout allows for residents to live in the community with their neighbors while providing low-cost, high-quality spaces.
How it works
Union House is reimagining affordable housing. Each home will have two distinct sections connected by a stairwell/entry hall, allowing a resident to choose between entering the public space or going straight to their private space.
Individual bedrooms are also laid out in a way that each resident only shares a floor with one other bedroom.
Bonus: Each home is all-inclusive with fully furnished living spaces and a shared outdoor area. Each home will include:
- High-speed internet
- Weekly cleanings
- And more.
Flexible leases will range from $700-1,200 per month, with a flat monthly fee for utilities, internet, cleaning, and furniture.
- Low investment minimums
- 15% target IRR (read: internal rate of return) with a target 3-5 year hold period
- New business model that plans for strong profit potential alongside positive community impact
- Veteran leadership with 15 years of complex real estate + private equity projects
- See the offering page for specific deal terms