NAI Earle Furman Multifamily Division closes $13.5MM transaction

Tony Bonitati, Kay Hill, and Bern DuPree of NAI Earle Furman’s Multifamily Division represented 771 East Butler Investors, LLC in the sale of Terrace at Butler Apartments located on East Butler Road in Mauldin.  The property sold for $13,500,000 and was purchased by Engel Realty, who was not represented in the transaction.

Michael E. Spiker, Executive Vice President Real Estate Investments at Engel Realty, said “Engel Realty is excited to be in the Greenville MSA with the acquisition of Terrace at Butler. With Engel’s principals having previous ownership experience in the Greenville market, Engel has been active in pursuing real estate investment opportunities in Greenville and will continue to do so.”

“This transaction represents one of the higher recent trade prices per apartment unit in the city of Mauldin. The growth of the Butler Road interchange on the I-385 corridor has improved real estate values across the board,” said Tony Bonitati of NAI Earle Furman’s multifamily team.

Terrace at Butler Apartments is a 132-unit multifamily apartment complex that was built in 1999-2000; it was 94% occupied at the time of sale.

About NAI Earle Furman

Based in Upstate South Carolina, NAI Earle Furman is a leading full-service commercial real estate firm specializing in the office, industrial, investment, retail, multifamily, healthcare and land sectors. They offer a wide range of services including sales, leasing, development, site selection, consulting, and property management. NAI Earle Furman completed nearly 650 transactions in 2016.  A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge.

For more information, visit www.naiearlefurman.com.