Clear Mountain Properties Upstate OZ Fund

Clear Mountain Properties Upstate OZ Fund is a multi-asset OZ 2.0 fund sponsored by Clear Mountain Properties (CMP), a vertically integrated real estate investment and development firm based in Greenville, South Carolina. The fund invests in residential development across Upstate South Carolina, and CMP’s Opportunity Zone pipeline currently exceeds $100 million in projects.

The fund is anchored by Townes at Watts Mill, an entitled and approved community of 240 Class A townhomes, flats, and apartments on the historic 20-acre Watts Mill site at the gateway to downtown Laurens, SC. The site served as a center of local industry for more than a century, and CMP is preserving the mill’s original smokestack and historic brick building as the heart of the new community. The brick building will become a resident clubhouse, alongside a pool, fitness studio, walking paths, and attached garages on select townhomes. Homes will range from one to three bedrooms and are aimed at workforce households such as teachers, nurses, and first responders. Groundbreaking is targeted for 2027, and the site sits near I-385, about 45 minutes from downtown Greenville.

CMP secured a Special Source Revenue Credit (SSRC) for Watts Mill, a local tax abatement that the firm says is the first ever granted to a residential project in Laurens County. The abatement improves the project’s economics alongside the Opportunity Zone tax benefits.

CMP was founded in 2019 and handles development, asset management, and property management in-house. The firm sources nearly all of its deals off-market and has completed projects across Greenville, Greer, Laurens, Spartanburg, Taylors, and Travelers Rest. Partner and founder Christopher Rizzo brings more than 16 years of investment experience, including work as an equities trader at multi-billion-dollar hedge funds. Partner Zachary Shulruff brings more than 15 years of real estate investment experience, with prior roles at Torchlight Investors and Deutsche Bank, and holds an MBA from Columbia Business School. CMP is also developing Liva, a 152-unit community in Travelers Rest, which is listed separately on the Marketplace.