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Avison Young arranges $4.9 million sale of two apartment buildings in vibrant downtown Spartanburg
Christian DiCroce represents both the buyer and sellers in the off market transaction
Greenville, SC – Avison Young today announced that it has negotiated the sale of two multifamily buildings in Downtown Spartanburg. The properties include City View Apartments, a 39-unit apartment building and East Main Apartments, a 16-unit apartment building.Christian DiCroce of Avison Young represented both the buyer and sellers in the off market transaction. The property was acquired by Van Rock Holdings LLC for $4,875,000.
"Both properties offer an attractive unit mix and offer significant upside on mark-to-market rental increases due to the desirability of the assets and continued limited supply in this submarket. We were able to execute a loan assumption on both properties securing a significantly below market interest rate for the buyers while allowing the sellers to avoid yield maintenance on their exit," said DiCroce, Associate at Avison Young. “Spartanburg will continue to see investment and rental demand due to net migration and corporate relo's as well as continued investment and expansion from well renowned companies like BMW.”
City View Apartments is located at 144 West Henry Street while East Main Apartments is located at 701 East Main Street and both properties were above 90% occupancy at the time of sale.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
www.avisonyoung.com
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
www.avisonyoung.com