May
02

Seneca, SC Apartments Sold for $71,700/Unit

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NAI Earle Furman’s Multifamily Division announces the sale of Companion at Crescent Pointe, a 144-unit apartment complex in Seneca.

The Class A property, built in 2005, sold for $10,325,000. The complex was 95% occupied at the time of sale, and sold for an undisclosed CAP rate. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.

The buying group was made up of investors from California, teamed with a well-regarded Regional Management Company. The property had assumable HUD financing in place. The buyers completed the HUD’s Transfer of Physical Asset (TPA) process, and plans to use the A-7 program to reduce the current interest rate.

 

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    Categories : Anderson, Greenville

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