Red Cedar Capital Partners, a vertically integrated real estate company based in Charlotte, North Carolina, said it recently acquired VanRock Holdings, a private equity real estate development firm and homebuilder based in Greenville, South Carolina.
Officials said the acquisition strategically positions Red Cedar as it expands throughout the Carolinas.
Verticals include Red Cedar Development, Red Cedar Homes, Red Cedar Commercial Construction, Red Cedar Realty, Prime Roots Lending, Lansing Electric and Evergreen + Maker building materials.
VanRock Holdings is a homebuilder, land developer and GC of build-to-rent communities, as well as manages a single-family debt fund.
To date, VanRock has more than $50 million assets under management, 500+ units under development and $100+ million assets under development.
“VanRock Holdings is highly respected in the region for creating distinctive developments and delivering above-market returns on investment,” said Jon Grabowski, CEO of Red Cedar Capital Partners. “We are thrilled for the opportunity to integrate VanRock into Red Cedar Capital Partners as we focus on Greenville and the Upstate of South Carolina for future for-sale and build-to-rent developments, along with other fast-growing areas in the Southeast.”
Grabowski added, “We look forward to partnering with other investors and landowners in the Upstate area who are looking to build.”
In partnership with VanRock Holdings, Red Cedar Capital Partners is developing The Oslo, a townhome community in Spartanburg, South Carolina.
Vertical construction is expected to start this month with the anticipated first move-in later this fall. Prices for The Oslo start in the $400,000s.
Four other Greenville developments are pending permit approvals to begin construction in late 2025.
“Since we founded VanRock Holdings nine years ago, we’ve utilized our industry expertise and local knowledge to provide strong financial results for our investors,” said Brian DeBruin, co-founder of VanRock Holdings. “Now under the Red Cedar Capital Partners umbrella, we’ll continue to provide best-in-class acquisition, construction and disposition of for-sale and build-to-rent communities.”
Red Cedar has more than 3,000 residential lots under development and 1,000 build-to-rent homes under construction in Charlotte and Atlanta.
Officials said the acquisition of VanRock will increase Red Cedar’s footprint in the Carolinas by another 1,000 lots and 250 build-to-rent units.
VanRock’s homebuilding and brokerage business will operate under the Red Cedar brand in Greenville and Spartanburg.
This article was originally posted in the Greenville Business Magazine.
