Haven Realty Capital (“Haven”) in joint venture with capital partner CenterSquare Investment Management (“CenterSquare”) has closed on the first phase of a $41.8 million acquisition of a 151-home build-for-rent (“BFR”) community now under construction in the Greenville suburb of Fountain Inn, South Carolina.  The Haven-led joint venture will close on the remaining homes in phases over the next 12 months. 

Foxchase built by the seller, Charleston-based homebuilder Crescent Homes, will include 87 single family homes and 64 townhomes offering three-, four- and five bedroom open-concept floorplans as large as 3,040 square feet.   Each home features a private yard, direct access two-car garage, nine-foot ceilings and is appointed with stainless-steel energy efficient appliances, Moen plumbing fixtures, granite countertops, and wood plank flooring.  Common area amenities will include a children’s playground, pool, cabana, and neighborhood walking trail.  The -32-acre rental home community is expected to be completed in Spring 2023(date).

Foxchase is located at near the intersection of Howard Drive and North Main Street, Fountain Inn’s primary retail arterial which runs through the city’s central business district approximately one mile away.  With easy access to I-385, Fox Chase is 20 miles southeast of Downtown Greenville.   With a population of only 10,000 residents, Fountain Inn is part of the Greenville MSA, the third largest metro, and one of the fastest growing in South Carolina.  Considered the economic engine of South Carolina, Greenville is home to 32 businesses that employ at least 500 people including Prisma Health, Michelin North America, Duke Energy Corporation and Fluor Corporation.

“BFR is helping to meet the demand by both young adults and families who prefer to rent than own, but want more space and freedom than an apartment can offer,” said Haven Founder and Managing Principal Sudha Reddy.   “Our goal is to add to the housing stock.  We work with homebuilders around the country to provide them the ability to build homes for both renters and buyers. Historically, our communities are fully stabilized within weeks of receiving certificates of occupancy, with many of our residents qualified to buy their own home.”  

This is the second BFR community for the Haven/CenterSquare joint venture in Greenville.  In February 2021, the partnership acquired Harrison Landing Townes, a 166-home community nearing completion in Simpsonville, SC.  The partnership also owns a 127-home rental community under construction  in Atlanta.    

“Our investment in Foxchase demonstrates CenterSquare’s conviction in the sector and the long-term growth of the Sunbelt markets,” added Chris Picyk, Vice President of Private Real Estate for CenterSquare. “We look forward to delivering this value proposition with our repeat partner Haven Realty to the residents of Foxchase and will continue to seek similar opportunities across the region.”