National real estate development company buys Clemson fraternity house

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A national real estate development company has acquired a Greek housing-focused property adjacent Clemson University.

Amplify Development Company, which is also an investment management company that develops and acquires student housing, multifamily and mixed-use assets, acquired the Tiger House at 173 Old Greenville Highway on the northern edge of the university’s campus, according to a news release.

The Tiger House is on a nearly 24,000-square-foot lot with 15 private surface parking spaces and consists of three stories, multiple kitchen, dining and common areas, and 10 units that can accommodate 20-30 beds.

The sale price was not disclosed. The acquisition is the firm’s fourth property focused on Greek housing.

The property overlooks the athletics section of campus, with soccer, tennis, football, intramural facilities within view of the front porch and Clemson’s downtown a short walk away.

“The Clemson market has demonstrated significant growth over the past 10 years, and we’re thrilled to expand our Greek housing investment platform with an ideally located property at such a prestigious university,” Alec Paddock, managing director and co-founder of Amplify Development Co., said in the release. “Properties of this size and desirable location rarely become available, making it one of the most sought-after rental properties in the area.”

Amplify intends to make cosmetic and interior renovations and has secured a multi-year master lease with an established national Greek organization and housing corporation that is in good standing with the university, the release said.

“In addition to our planned renovations, we will apply our best practices with regard to operating Greek housing assets to ensure the responsible use of the property and have engaged with several of the most well-respected Clemson-area property management companies to oversee the property,” Paddock said in the release.

The area north of Old Greenville Highway is considered by many to be located within the future path of growth in the city of Clemson, Paddock said in the release.

“Our top priority is to maintain and improve the existing Greek housing use in the near term, but we also see the site as a potential redevelopment opportunity in the future, should the city of Clemson see a need for more privately-owned traditional student housing products,” he added.

Amplify is active in the Greek housing sector with assets under management at Penn State University and Colorado State University and intends to continue to grow its investment platform in university markets. It also recently sold a Greek housing asset close to San Diego State University.