Feb
28

Spartanburg Apartments Sold at 7.9% Cap Rate

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NAI Earle Furman’s Multifamily Division announces the sale of Valley Creek Apartments, a 102-unit apartment complex, located at 9085 Fairforest Drive in Spartanburg, South Carolina.

The Class C+ property, built in 1973, sold for $4,100,000, traded at a 7.9 cap rate and was 100% occupied at the time of sale. Tony Bonitati and Kay Hill, both of NAI Earle Furman, represented the seller, Upstate Property Rentals, LLC. The buyer, represented by Tyler Flesch of Red Drum Capital, was Two Bridges Asset Management out of Brooklyn, New York.

Reflecting on the current market conditions, NAI Earle Furman broker Kay Hill said, “This transaction is a great example of how it has really become a Seller’s market in the South Carolina Upstate.  Our client owned this property for just over a year, and after he made some improvements, we were able to bring him an unsolicited offer for considerably more than he paid for it. Not only that, given the consistently improving market fundamentals, we expect this property will continue to appreciate under the new ownership as well.”

In 2013 alone, NAI Earle Furman’s Multifamily Division recorded just under 1,250 units sold and in excess of $50 million in transaction volume in the Carolinas.

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    Categories : Spartanburg

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