GREENVILLE, SC—Irvine, CA-based Passco Companies, LLC has added the Vinings at Laurel Creek to its multifamily portfolio.

The residential and commercial real estate investment firm acquired the 244-unit community located in the “upstate” region of Greenville-Spartanburg-Anderson for $30.9 million. Vinings at Laurel Creek's address at 3434 Laurens Road is near downtown Greenville, and is also adjacent to two of Greenville's newest business and technology parks—Clemson University's International Center for Automotive Research (CU-iCar) and the Millennium Campus Business Park.

Gary Goodman, senior vice president acquisitions of Passco Companies, says the lease-up process was recently completed for the one-year-old property and rents in the community were already raised during the past few months in an effort to bring them closer to market rates.

“This property is poised for continued rent growth, as current rents are lower than those of comparable properties in the region,” says Goodman. “This future rent growth, coupled with increasing demand for multifamily units in this area will continue to drive the property's profitability in the coming decade, making it a sound investment for Passco's clients.”

Vinings at Laurel Creek features one-, two- and three-bedroom floor plans with nine-foot ceilings, breakfast bars, wood-style laminate flooring, walk-in closets, and laundry rooms. The community also features amenities such as a beach-entry resort style pool, indoor-outdoor clubhouse, cyber café, dog park and fitness center.

“The Upstate region of South Carolina has demonstrated tremendous growth over the past twenty years,” says Goodman. “Vinings at Laurel Creek is located in Greenville's most active employment submarket, ensuring ample renter demand from the growing population of area employees.”

According to Goodman, Passco plans to hold the property for seven to 10 years or until the market dictates, and will then sell the property to make a profit for its investors.