At VanRock, we invest in communities where growth isn’t just projected — it’s already happening. Spartanburg, South Carolina, is one of those rare markets where momentum, investment, and livability are converging in real time.
As a vertically integrated real estate development and investment firm with deep roots in the Carolinas, we don’t make decisions based on headlines or hype. Our conviction in Spartanburg is backed by long-term fundamentals, first-hand operating experience, and real assets under management in the heart of the city.
Here’s why we’re long on Spartanburg — and why we’re only getting started.
- A Regional Growth Engine That’s Just Warming Up
Historically, Spartanburg has played second fiddle to its more well-known neighbor, Greenville. But today, Spartanburg is no longer just part of the Upstate story — it’s a major player in shaping it.
Since 2017, Spartanburg County has attracted over $5 billion in capital investment. Major employers like BMW, Michelin, Milliken, and Denny’s continue to expand operations in the area, creating new jobs and drawing skilled workers and their families to the region.
The city’s strategic location along the I-85 corridor provides immediate access to Charlotte, Atlanta, and the inland port in Greer. This connectivity, combined with a low cost of doing business and a skilled labor force, makes Spartanburg one of the most compelling logistics and advanced manufacturing hubs in the Southeast.
As employment grows, so does demand for quality housing — especially rentals. That’s where VanRock steps in.
- Downtown Spartanburg Is Undergoing a $500 Million Transformation
Spartanburg is making bold investments in its urban core. At the center of this transformation is a brand-new baseball stadium, complemented by over $500 million in public-private redevelopment. From streetscape improvements to new restaurants, retail, and community amenities, downtown Spartanburg is being reimagined into a walkable, vibrant destination.
VanRock’s Liberty Square Apartments sit right in the middle of this transformation. This 40-unit townhome-style community, acquired in early 2025, is a classic value-add opportunity: solid bones, strong location, and a clear upside through strategic renovations and repositioning.
We’re undertaking a full-scale renovation — including exterior improvements, unit upgrades, and amenity creation — while maintaining affordability for working families and young professionals who want to be part of the city’s growth story.
This is not just about one building — it’s about being part of the broader urban revival that Spartanburg is executing with intention.
- Smart Leadership and Developer-Friendly Policies
Spartanburg’s leadership understands that thoughtful real estate development is key to sustainable growth. Over the past several years, we’ve worked closely with city staff and planning officials who actively collaborate with builders and developers to streamline approvals and align private investment with public goals.
From zoning flexibility to creative use of tax abatements and infill incentives, Spartanburg has built a reputation as a city that gets deals done without sacrificing quality. For VanRock, this environment has enabled us to move faster, reduce entitlement risk, and deliver more housing at a time when it’s critically needed.
We’re not alone — national builders, institutional funds, and family offices are increasingly showing up in Spartanburg. The difference is, VanRock is already here, already building, and already scaling.
- Undersupplied Rental Market with Rising Demand
Spartanburg has an acute housing shortage. According to the SC Housing Needs Assessment, the city needs thousands of additional housing units to meet current demand — especially in the moderate-income and workforce brackets.
Occupancy rates in professionally managed multifamily communities hover near 95%, and rents have steadily increased year over year. Yet, the cost to build or acquire remains favorable compared to other regional markets like Charlotte or Raleigh.
This imbalance creates powerful tailwinds for VanRock’s strategy, which focuses on both ground-up development (e.g., build-to-rent and infill) and value-add repositioning (e.g., Liberty Square). We’re actively building and acquiring assets that provide stable cash flow, long-term appreciation, and real community impact.
- Affordable Entry Point, Institutional-Quality Returns
What makes Spartanburg so attractive is the blend of affordability and upside. Cap rates remain wider than core markets, while job growth, population migration, and rental demand rival those of major metros.
We acquired Liberty Square for $5 million, with a $1 million renovation budget and an estimated IRR of 20%+ and 2x+ equity multiple. Projects like this don’t exist in cities that are already overbought.
Spartanburg allows us to invest at a favorable basis and create value through execution — not just market appreciation. That’s what makes it sustainable.
Conclusion: Spartanburg Is More Than a Market — It’s a Mission
At VanRock, we don’t just develop properties. We build homes, communities, and opportunities. Spartanburg isn’t just a good market — it’s the right market, with the right leadership, the right momentum, and the right timing.
Our strategy is clear: invest in the places where people want to live, work, and grow. Spartanburg checks every box — and we’re proud to be part of its next chapter.
Whether you’re an investor, a builder, or a future resident, now is the time to look at Spartanburg — and VanRock is your partner on the ground, in the deal, and committed for the long haul.
