South Ridge Apartments Sell Across From County Square

The South Ridge apartments on South Church Street in Greenville.

Courtesy of Northmarq

GREENVILLE, Nov. 4. South Ridge, a downtown apartment complex, has sold to a buyer new to Greenville. The Dinerstein Companies bought the 350 apartments in six buildings at 823 South Church Street from Railfield Realty, according to Northmarq, which represented the seller and arranged the buyer's financing. Northmarq said occupancy has averaged 94 per cent since 2023 and net operating income has risen 28 per cent over the same period. The price was not disclosed.

Christian Evans of Dinerstein said the purchase is the firm's entry into the Greenville market and cited the property's nearness to County Square. Andrea Howard of Northmarq, whose Carolinas team handled the sale, said South Ridge sits directly across from the $1 billion redevelopment there.

Dinerstein financed the purchase with a three-year bridge loan from AllianceBernstein, an investment firm, placed by Northmarq's Southeast debt team. A bridge loan is short-term money that carries a building through a change, such as a renovation, until it can qualify for a cheaper long-term loan. The complex was finished in 2015, and its apartments still have their original finishes, Northmarq said. Evans said Dinerstein sees potential in renovations and better amenities.