On June 30, one of HREIF’s multifamily developments, The Fitzgerald, received its Certificate of Occupancy.
The property has since experienced tremendous leasing velocity, with 65% of the units under contract. We are proud of our Investments team and their continued commitment to delivering high-quality, income-producing properties for our investors.
Fun facts about the Fitz and Spartanburg:
1. The Fitz includes 13 affordable units reserved as workforce housing, allowing citizens of various income ranges a chance to live in the city
2. The Fitz is located alongside the 32-mile Mary Black Foundation Rail Trail, in addition to numerous restaurants and bars in downtown Spartanburg
3. As of 2022, Spartanburg County has 345,831 residents, showing a 21.7% growth since 2010, well above the national average. Another 5.5% rise is projected by 2025
4. Spartanburg's employment bounced back quickly and now exceeds pre-pandemic figures by more than 3.7%
The Dallas-Fort Worth area's unprecedented growth is creating opportunities for investment.
The Dallas-Fort Worth area's unprecedented growth is creating opportunities for investment. According to Axios, The region added more people than any other U.S. metro between 2021 and 2022, with 170,396 new residents.
This growth trajectory, powered by business expansions like Caterpillar's move from suburban Chicago to Irving, TX, indicates a robust economy and demand for housing.
While Dallas remains pivotal, surrounding cities are booming, further enhancing the market's ability to attract businesses and residents.
Q3 HREIF Investment Window Closing September 15, 2023
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