Power Properties unloaded a value-add, eight-property portfolio at a price of $240 million. Springer Capital purchased the 2,164 units. MF Capital helped finance the deal.
Commercial Edge reports the portfolio sale marks the largest market-rate property transaction in South Carolina in the last decade.
The South Carolina communities, located in the Charlotte, Charleston, Greenville and Columbia metros, were delivered between 1990 and 2002. The buyer plans to renovate all units and upgrade the amenity areas over the next two to three years. Brookside Properties will serve as property manager.
Some of the larger projects included:
the 664-unit Ivystone at Palmetto Pointe at 305 Brookfield Drive in Myrtle Beach
Mallard Pointe, a 360-unit property at 2361 Eden Terrace in Rock Hill
The 488-unit Heritage Trace, encompassing 30 buildings at 101 Boone Hall Drive in Piedmont
Heatherstone Apartments, a 300-unit property at 334 Boone Hall Drive in Piedmont
Berkadia Managing Directors Caleb Troop and Mark Boyce represented Springer Capital.
The post Springer Acquires 8-Property SC Portfolio appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
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