A new affordable housing community recently opened in Greenville’s Overbrook neighborhood.
The Riley at Overbrook Apartments features 88 affordable units for renters earning 20% to 60% of the area’s median income. A ribbon-cutting celebrating the opening of the new apartment complex at 29 Oakley Drive was held June 4.
Schaumber Development, Holliday Development and the Greenville Housing Fund partnered to develop the approximately $27 million affordable housing project. The project also received support from the Greenville Housing Authority, the city of Greenville and other funding partners.
The Riley at Overbrook Apartments features 88 affordable units for renters earning 20% to 60% of the area’s median income. A ribbon cutting celebrating the opening of the new apartment complex at 29 Oakley Drive was held on June 4.“This is a real achievement and demonstrates the impact of public-private partnerships,” said Bryan Brown, president and CEO of the Greenville Housing Fund.
The Greenville Housing Fund provided two loans equaling $2.1 million to the project. In 2021, the project was awarded a 9% low-income housing tax credit through the South Carolina Housing Authority. The Greenville Housing Authority also secured 19 project-based vouchers for the Riley.
Read more affordable housing news
Greenville Mayor Knox White spoke at the grand opening of the Riley at Overbrook on June 4.“The city provided the subordinate funding that leveraged the housing tax credits and other sources of funding, while also supporting the development throughout the process,” said Greenville Mayor Knox White.
Construction began on the affordable housing project in November 2023 after a two-year delay due to the COVID-19 pandemic, market conditions, interest rate spikes and high material costs. Holly Douglas Schaumber with Holliday Development explained that while the Riley was a struggle to deliver, the project’s partners kept faith and continued to support the development.
“A safe, nurturing home environment is one of the most important investments that we can make in the city, in the livelihood of our residents,” Schaumber said. “Access to housing like this should not be a luxury, it is a necessity. It’s a building block for a stronger and more resilient city.”
The Riley consists of one-, two- and three-bedroom units located within two residential buildings. The apartment complex also includes a business center, a community room, a gym, a laundry facility and an outdoor playground. Greenville-based NHE will serve as the property manager. Support services through Leadwell 360 LLC will also be provided on-site.
Residents began moving into the Riley in March, with 60 of the units occupied. For more information, visit www.rileyoverbrook.com/.
