Berkadia Brokers Spartanburg Apartments


east ridgeBerkadia has announced the sale of East Ridge, located at 300 Regency Street in Spartanburg, South Carolina. Director Mark Boyce of the South Carolina office and Senior Directors Andrew Mays and Paul Vetter of the Atlanta office negotiated the transaction. East Ridge sold for $7.75 million on August 28, 2015. The sales price reflects a per-unit price of $53,854, or $65 per square foot.

The property was 97 percent occupied at the time of the sale. Berkadia also provided financing for the transaction. Built in 1972, the 144-unit property features one-, two- and three-bedroom floor plans. Each unit features ceiling fans, washer and dryer connections, and balcony or patio. Community amenities include a swimming pool, laundry facility, clubhouse, barbecue and picnic area, and coffee bar.

The community is located near East Main Street and State Route 29, providing residents access to the entire Spartanburg area. East Ridge is three and a half miles from downtown Spartanburg and within a 10-mile radius of seven colleges and universities Top employers in the immediate area include Spartanburg Regional Healthcare, Mary Black Health System, Kohler Co. and Invista. The seller was a South Carolina entity. The buyer was a Pennsylvania entity. The seller upgraded the units, providing the opportunity to continue pushing rents and adding value via exterior upgrades.

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