South Ridge averaged 94% occupancy from 2023 onward, while its net operating income increased 28% over the same period, The Post and Courier reported. Houston-based The Dinerstein Cos. acquired the 350-unit Greenville community for an undisclosed price, according to REBusinessOnline.
The property and its financing
The complex occupies about 8.7 acres at 823 S. Church St., across from the County Square redevelopment. Delivered in 2015, South Ridge has six buildings with studio, one-, two- and three-bedroom apartments. Its amenities include a saltwater pool, fitness center, resident sky lounge, outdoor entertaining areas and a parking garage. The property also has 14,658 square feet of ground-floor retail, with tenants including Biscuit Head, Shred415, Mix Salon Studios and Strayer University, REBusinessOnline reported.
Railfield Realty was the seller, and Northmarq represented it in the transaction, according to REBusinessOnline. Northmarq also arranged a three-year bridge loan for Dinerstein, with AllianceBernstein providing the loan, the outlet reported.
Renovation plans and regional outlook
The Post and Courier, citing the transaction release, reported that Dinerstein plans to renovate apartments and upgrade amenities. The newspaper said Christian Evans of Dinerstein identified Greenville’s growth, the property’s downtown location and its proximity to County Square as reasons the company considered South Ridge an investment opportunity. The Post and Courier also reported that the apartments retain their original 2015 finishes.
Colliers’ second-quarter 2025 Greenville-Spartanburg report described investment activity as robust. It counted 2,188 units in the construction pipeline—less than a year of supply when measured against the market’s rolling average absorption over the prior three years—and said a supply crunch could emerge in the coming years if vacancy stabilizes near 95%. That forecast is regional context and does not establish what motivated this acquisition, Colliers’ report said.
