The Sullivan is a new affordable apartment community that aims to be indistinguishable from its market-rate competitors. The 180-unit complex developed by Schaumber Development and Douglas Development, is Greenville, South Carolina’s largest affordable development in 12 years.
The project consists of five buildings containing a mix of one, two, three and four-bedroom units over its 40-acre site built from the ground up in a historically underserved area that has been experiencing rapid growth. For aiming to address Greenville’s critical need for housing without sacrificing amenities, location or design, The Sullivan has been selected as the winner of the 2024 CoStar Impact Award for multifamily development of the year, as judged by a local team of real estate professionals familiar with the market.
The property's affordable rental rates were made possible by a combination of private and public funding, including community investments from RBC Capital Markets, JP Morgan Chase, Stifel, Prudential and CommunityWorks Carolina. The developer also obtained state and federal tax credits, which offset project costs and enabled them to provide sub-market rates to residents.
The Sullivan is located next to a stop on Greenville’s GreenLink bus route and is also one mile away by sidewalk from the Prisma Health Swamp Rabbit Trail, a 22-mile multiuse, paved greenway which connects to the downtown area, public parks and nearby Travelers Rest.
The developers broke ground in early 2022 and signed the first lease in April. By November 30, the community was fully leased to a mix of families with children and seniors.
“We are continuously challenging stereotypes about what affordable housing looks and feels like,” said Holly Douglas, a principal on the development team.
About the Project: Though Greenville is still thousands of units short of solving its housing crisis, the developers hope that The Sullivan can serve as a showcase of how high-quality affordable development can successfully fit in with the surrounding area.
What the Judges Said: "I liked the affordable housing component as this is certainly an area that we really need creative solutions. It was refreshing to see a nomination that was not all about luxury," said Elaine Worzala, Professor in the Department of Finance at Clemson University.
"The Sullivan addressed a significant need in our market by incorporating public/private partnerships to create affordable living space with quality construction and amazing amenities. Well done!" added Darath Mackie, broker with Lee & Associates Commercial Real Estate Services.
They Made it Happen: Drew Schaumber, Schaumber Development and Holly Douglas, Douglas Development. Tawanna Henderson, property manager with NHE- The Sullivan.
CoStar Market Manager Amanda Thomas contributed.