Archive for Pickens

Apr
26

NAI Earle Furman Closes Sale of Windwood Apartments

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windwoodTony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, SC Apartments, LLC, in the sale of Windwood Apartments, an 80-unit value-add property located at 208 Windwood Drive in Pickens, SC. The multifamily property sold for $1,900,000 and was 84 percent occupied at the time of sale. This transaction brings their division’s 2016 sales volume to more than $20,000,000. NAI Earle Furman’s Multifamily Division previously represented this property in 2013 when Windwood Apartments was sold to SC Apartments, LLC for $941,000.

“We are pleased to be the market leaders in Multifamily transactions in our area, while at the same time staying active in sales and development throughout the Carolinas,” said Tony Bonitati, NAI Earle Furman Shareholder and Multifamily Division Broker. More than 500 of the units sold this year by NAI Earle Furman’s Multifamily team are slated for some form of renovation, including Windwood Apartments. The property’s new owner, DHP Real Estate, based in Greenville, SC, has plans for both interior and exterior improvements to the property.

“Bringing much needed improvements to an older property keeps affordability, but adds to a quality lifestyle” said Bonitati. “It is exciting to see the much-needed new apartment development in our downtown, but we also take pride in transactions that involve improving older properties in the Upstate.”

Categories : Greenville, Pickens
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Dec
01

Upstate Building Permits on the Rise

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building-permitThere were more residential than commercial building permits issued in the third quarter in the Upstate, according to a report by Knoxville, Tenn-based Market Edge. The majority of the permits were issued in Greenville and Spartanburg counties. The report classified the Upstate as the counties of Abbeville, Anderson, Greenville, Greenwood, Laurens, Oconee, Pickens and Spartanburg.

Gary Splawn, permits administrator for Spartanburg County, said the number of permits issued depends on the time of the year.

“We usually see the numbers increase in the spring and continue strong through the summer,” he said. “And most of what we’re seeing in terms of residential permits are individual homeowners getting permits for additions to their homes.”

Eric Vinson, director of planning and code compliance for Greenville County, said the same process can be seen in Greenville County.

“The housing permits are definitely cyclical in nature, as we typically have higher levels of construction in the second and third quarters,” he said. “We have seen more residential renovation which explains the higher overall permit numbers.”

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Sep
25

Upstate Getting More Private Spec Buildings

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In Greenville and Spartanburg counties, private developers have dozers clearing sites for 100,000-square-foot and larger industrial spec buildings that will add jobs and benefit community tax coffers. Even with construction just starting, the pricy, high-ceiling projects already have relocating and expanding businesses lining up as prospective buyers or tenants.

“This is due in large part to Greenville’s attractiveness and existing development. The developers understand the value of our community,” said Kevin Landmesser, interim president and CEO at Greenville Area Development Corp.

Landmesser said the new private spec building projects in Greenville County follow other successes such as GE Aviation, Gordon Foods and Roy Metal buildings.

In some other Upstate communities that don’t have supplier magnets, such as BMW, development of spec properties has been slow since the Great Recession. Hal Johnson, chief development officer at NAI Earle Furman, said investors and developers have been cautious, but with the economy strengthening he sees growing demand for new industrial property, a product in short supply. Johnson said developers need to see successes with spec projects in the other Upstate counties.

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Jul
17

Windwood Apartments in Pickens Sold

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NAI Earle Furman’s Multifamily Division announces the sale of Windwood Apartments, an 80-unit apartment complex, located at 208 Windwood Drive in Pickens. This complex consists of efficiency, one, two, and three bedroom units. Efficiency units are approximately 450 square feet, one bedroom units are approximately 603 square feet, two bedroom units are approximately 850 square feet, and three bedroom units are approximately 1000 square feet. All of the buildings are wood framed construction with brick siding and mansard roofs. Community amenities include an on-site laundry facility, high speed internet access, and an on-site property manager.

The Class C property, built in 1973, sold for $941,000. The complex was 73% occupied at the time of sale, and sold for approximately a 9% cap rate. Tony Bonitati, Kay Hill, and Gwinna Cahal of NAI Earle Furman represented the seller in the transaction.

The buyer, L&J Investments, is based out of San Diego, California and has a successful track record of adding value to other 1970’s vintage complexes in Texas and California.

 

Categories : Pickens
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Sep
21

Wal-Mart Coming to Pickens

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Rumors that Walmart would be opening a location in Pickens have been flying around town for the last several, but the word became official Thursday afternoon. Walmart’s Pickens location is slated to open sometime in 2013, according to Chris Carlson, with Law Kingdon Architecture. Carlson represented Walmart at a Thursday meeting of the Pickens Board of Architecture Review. The board signed off on the initial site plans during the meeting.

The Pickens Walmart will be located at the intersection of Hwy 8 and Roberts Road on land including the site of the former Norris Ford dealership, Carlson said.

The Pickens location will be a 93,000 square foot store, which will include a 7,000 square foot Garden Center and a full service pharmacy. The store will also include a grocery element, Carlson said. “This one will have between 17,000 – 20,000 square feet of grocery,” he said.

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Categories : Pickens
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