Feb
12

Spartanburg’s Valley Creek Apartments Sold

By

Mark Boyce, of Marcus & Millichap represented the seller in the sale of Valley Creek apartments at 9085 Fairforest Road, Spartanburg, SC.  The sale price was $3,440,000 ($33,725/unit). The cap rate reflected is below 8%.

Valley Creek is comprised of 102 units and is located at 9085 Fairforest Road, Spartanburg SC, 29301. The exteriors have been recently renovated and the asset offers great visibility and traffic counts from Fairforest Road. The property is less than two miles from both I-26 and I-85 business route and centrally located to downtown Spartanburg and Greenville, SC.

Valley Creek was constructed in 1973 of wood framing and brick and vinyl siding. The roofs have recently been replaced and are pitched composite shingle. The vinyl siding and windows have also recently been replaced. The property consists of seven, three story buildings, a laundry facility and leasing office. The property offers a unit mix of one, two and three bedroom floorplans. There are 21 one bedroom/one bath units at 840 square feet, 60 two bedroom, 1.5 bath units at 1050 square feet and 21 3bedroom, two bath units at 1200 square feet. All units have central heating and A/C. There is also a pool, playground, laundry facility, fitness center, picnic barbecue areas and business center with free Wi-Fi.

Be Sociable, Share!
    Categories : Spartanburg

    Comments are closed.