After recently acquiring a 33-acre site in the Spartanburg, South Carolina, market, TruAmerica Multifamily has announced its plans to develop Hartley View, the company’s first build-for-rent (BFR) development.
The project in the city of Inman, South Carolina, will encompass 281 units and include a mix of 214 townhomes, as well as 67 detached, single-family residences.
“Hartley View is our inaugural BFR development, and the community represents the culmination of a strategic endeavor that commenced last year with the launch of a BFR platform as part of TruAmerica’s overall portfolio of workforce housing communities across the U.S.,” says Mitch Rotta, senior managing director and head of BFR at TruAmerica. “Our BFR projects are designed to appeal to both renters by choice, as well as by necessity, who are seeking a single-family residential living style, along with the amenities found in today’s popular apartment communities.”
TruAmerica launched its BFR program in 2022. The firm is actively pursuing entitled land to develop townhome and single-family residential projects in suburban markets that are envisioned to provide synergies with TruAmerica’s existing national multifamily platform.
“Pursuing BFR community developments like Hartley View is a natural extension of TruAmerica’s workforce housing platform because it complements the same demographics that make up our Class B multifamily strategy,” says Robert E. Hart, founder, CEO, and president of TruAmerica. “Our BFR communities provide yet another housing option for working-class Americans who can’t afford to own a home or would just prefer to rent.”
For Hartley View, residential layouts will be configured across seven floor plans, and units will feature garages and backyards. Unit sizes range from nearly 1,260 square feet in a two-story, two-bedroom, two-and-a-half bath, and one-car garage configuration up to the largest units featuring more than 2,200 square feet in a two-story, four-bedroom, two-and-a-half bath, and two-car garage home.
The community is planned to include a dedicated main entrance and a leasing office with a clubhouse. Amenities include a pool, dog parks, playgrounds, community parks, and more than 4 acres of open wooded and recreation spaces that are connected to a trail system.
“We are fortunate to be in a strong position as we move forward on Hartley View, since we’ve already completed our acquisition due diligence and secured land financing,” adds Rotta. “Those factors contribute to our confidence that we are aligned with investor interests around pursuing deals in a challenging market with higher thresholds, while appealing to land and home builder networks seeking third-party BFR partners in California and the smile states.”
Horizontal construction is slated to begin next summer, and vertical construction is anticipated to commence in December 2024. Delivery of the first units is scheduled for summer 2025.