The city of Anderson, South Carolina has added a significant number of jobs in the last decade. However, as is the case in many areas, the availability of affordable housing has lagged behind demand. With its new Cottages of Anderson development, Easlan Management sought to introduce a type of rental property that is new to the market, modeled after successful "tiny home" developments popping up in the Western U.S.
For helping to diversify the local housing stock the Cottages at Anderson development team has been selected by a panel of judges composed of local industry professionals to receive CoStar's 2023 Impact of the Year award for multifamily development for Greenville and the Upstate South Carolina region.
The Cottages of Anderson used prefabrication construction that greatly increased the speed of occupancy compared to site-built development. This innovative approach to development shaved months off of the availability of new housing. And the new units were built with the latest energy efficient systems.
Besides the massive delays stemming from COVID and supply-chain disruptions that many builders faced, the Cottages of Anderson team faced unique obstacles associated with introducing a new product type to the area. People could not envision what a tiny house would look or feel like. The development team used social media and video content to help people see what they were bringing to the market and win market acceptance.
About the Project: The Cottages of Anderson is a new, 100-unit rental residential development featuring fully equipped "tiny homes." Although commonly called "tiny" the units are designed to feel spacious, with energy-efficient construction and high-end finishes. The development team introduced this new concept to the Upstate South Carolina market to help address the area's housing crunch, taking advantage of the availability of a local Opportunity Zone site located near major employers. Future phases are expected to expand the tiny home concept at the 70-acre location. Greenville-based Easlan Management handled the lease up and management of the property. Aline Capital, led by Managing Director Scott Williams, secured construction financing for this unique, prefabricated rental home development. Aline Capital also assisted in bringing GP Equity to the project development team.
Judges' Comments: "This is a great use of the land using innovative design and construction to provide new affordable housing in the area," said Jason P. Klue, principal of Klue Real Estate Advisors.
"A very unique development and deserving of this recognition," added Senior Associate Brian Hammond of NAI Earle Furman.
UPDATED They Made it Happen: Tony Bonitati is the founder of the Cottages of Anderson development and is responsible for the concept. Greenville-based Easlan Management Co. is the leasing and management company for the project, led by President and CEO Mike Holmes. Michael Short of NAI Earle Furman is the project manager who successfully navigated the development through the permitting and construction process. Seth Heller, president and managing partner of Heller & Co., was the developer and the President of the Cottages of Anderson is Eric Roman, the main investor behind the project, as part of his vision to help bring workforce housing to the Carolinas.
