Invest Local: Meet Union House, GVL’s new affordable housing community

Permits are in place and construction began in May. | Photo provided by Vicinity

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.

The opportunity

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:

    • Utilities
    • 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. 

Custom floor plans were created by Boyd Architects out of Charleston, SC. | Photo provided by Vicinity

Investment overview

  • 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

Want to invest in Union House? Explore the investment and learn about other local opportunities with Vicinity.*  

Poll

Would you be interested in investing in Union House?