200-Unit Sale in Spartanburg Shows Continued Strength in Multifamily
April 3, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Quail Pointe Apartments and Hidden Park Apartments, a 200-unit multifamily portfolio located in Spartanburg, S.C., according to Raj Ravi, vice president and regional manager of the firm’s Carolinas and Southern Virginia offices. The two 100-unit complexes sold for $5,400,000.
“There continues to be very strong demand from investors seeking well-located, value-add multifamily opportunities in Upstate South Carolina,” said Jim Davis, associate director with Marcus & Millichap’s National Multi Housing Group. “We were able to capitalize on the upside potential of the assets as well as their positioning in one of the Southeast’s fastest growing economic regions to secure an extremely strong sales price for our client.”
Jim Davis, in Marcus & Millichap’s Greensboro, N.C. office, had the exclusive listing to market the property on behalf of the seller, a CMBS special servicer. Davis also secured the buyer for the transaction.
Situated on the southwest side of Spartanburg, Quail Pointe’s close proximity to Interstates 85 and 26, as well as Westgate Mall, provide convenient access to economic generators shopping and entertainment, as well as the downtown CBD. Hidden Park is located just north of downtown Spartanburg and is minutes away from Spartanburg Regional Medical Center, the three major universities in the area, shopping and dining, and the downtown CBD. The portfolio garnered multiple offers from both local and out-of-state buyers, and was ultimately sold to a private equity group who will implement value-add capital improvement programs for both properties.