Sep
06

Mauldin’s Lions Gate Apartments Sold

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The 144-unit Lions Gate Apartments has sold for $3.23 million to South Carolina LLC. The community  is located at 288 Old Mill Road in Mauldin. The sales price equates to approximately $30 per square foot. The lender-owned community was constructed in 1984 of wood framing, brick siding and vinyl accents. The roofs are pitched composite shingle. The property consists of 11, two story buildings, a laundry facility and leasing office. The property offers a unit mix of 1 and 2 bedroom floorplans. There are 56 1br 1ba units at 632 sq. ft. and 88 2br 1ba units at 840 sq. ft. All units have central heating and A/C. There is also a pool, playground and laundry facility. The property was roughly 42% vacant at the time of sale. The purchaser’s pro-forma, using a 15% vacancy allowance, relects a capitalization rate of 11.1%.

Mark Boyce of Marcus & Millichap’s Charleston office represented the buyer and the seller in the transaction.

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