TruAmerica Multifamily is set to start construction on its first build-for-rent (BFR) community after acquiring land in Inman, S.C. The firm acquired a 33-acre site and has plans to develop it into a $86 million BFR community, Hartley View.
Horizontal construction on the site is set to begin in summer 2024 with vertical construction scheduled to start later in December 2024. Hartley View will welcome its first tenants with the initial unit deliveries scheduled for summer 2025.
Hartley View will have 281 units divided as 214 front-loaded townhomes and 67 detached single-family residences. The community will offer two-, three- and four-bed units that range between 1,260 square feet to more than 2,200 square feet. Homes will feature garages and backyards while community amenities are set to include a pool, dog parks, playgrounds, community parks and more than four acres of wooded and recreation spaces.
Located in the Inman suburb of Spartanburg, the community is 15 minutes north of the city’s downtown and its many retail and restaurant options. Residents will also be near BMW’s manufacturing facility and the area’s other major employers including Amazon, Walmart and University of South Carolina.
The seller of the site was Converse Development, who was represented by New Deco Inc.’s Brad Morris.
First of many BFR projects
For TruAmerica, Hartley View will be the firm’s first BFR development as part of its recently-launched BFR platform. TruAmerica started its BFR development division in February 2022 as another way to support the firm’s overall strategy of building out its portfolio with workforce housing communities across the U.S.
The platform initially planned to break ground on its first communities with several land parcel acquisitions in North Carolina, Texas and Florida. However, Hartley View will kick off TruAmerica’s BFR platform in the Spartanburg market.
Mitch Rotta, senior managing director & head of BFR at TruAmerica, said in prepared remarks that the firm follows a strategy of building communities in “hyper-growth markets” that are near strong and expanding employment bases. Beyond its South Carolina project, TruAmerica is continuing to look for sites to develop townhome and single-family residential-style projects in suburban markets.
