Spartanburg Apartments Sold at 7.85% Cap Rate


Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Timber Creek, a 116-unit apartment property located in Spartanburg, SC, according to Bryn D. Merrey, regional manager of the firm’s Charleston office. The asset sold for $4,850,000 at a 7.85 percent CAP rate.

Mark Boyce, Andrew Mays and Paul Vetter, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mark Boyce, Andrew Mays and Paul Vetter.

Timber Creek is located at 501 Camelot Drive in Spartanburg, SC. The property consists of 32 one-bedroom units, 64 two-bedroom units and 20 three-bedroom units. Units have washer/dryer connections and fully equipped renovated kitchens. Timber Creek was built in 1972 and renovated in 2008. Amenities include pool, management office/clubhouse, and playground. At the time of sale occupancy was 98 percent.


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