Spartanburg Apartments Sold for $41,826/Unit


whispering pines spartanburgTony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Southwood Realty, in the sale of Whispering Pines Apartments, a 312-unit complex located at 408 Abner Road in Spartanburg, SC. The multifamily property sold for $13,050,000 ($41,826 per unit). This transaction is the NAI Earle Furman’s Multifamily Division’s fourth representing Southwood Realty.

The purchaser, Cedar Grove Capital, based out of New York, NY, had no broker representation. Their plan is to renovate and hold the property.

“Value-add deals of this size are becoming exceedingly hard to come by in the Upstate. We were happy to represent Southwood once again in a sale and are equally excited to see what Cedar Grove makes of this well positioned opportunity,” says Kay Hill, Shareholder and NAI Earle Furman Multifamily Broker.

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    Categories : Spartanburg

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