CBRE arranges sale of 144-unit value-add Greenville apartment community
March 16, 2018
CBRE Capital Markets has facilitated the sale of Beacon Ridge Apartment Homes, a 144-unit value-add multifamily property at 5 Crystal Springs Road in Greenville, SC. Located just off Interstate 385, less than two miles from the newly renovated Haywood Mall, the property is close to downtown Greenville and the Greenville Health System Patewood Medical Campus.
Philadelphia-based PRG Real Estate acquired Beacon Ridge. CBRE’s Kevin Kempf, Parker Yates, David Lansbury, and Phil Brosseau represented the seller, Charlotte-based Grubb Properties, in this transaction.
“Beacon Ridge is located just one mile from a major medical corridor with over 13,000 employees and residents have convenient access to all nearby necessities, a fantastic location with many opportunities for new ownership to continue the positive rent growth momentum in the area,” said Mr. Kempf, first vice president at CBRE Capital Markets. “New ownership will have the opportunity to expand the scope of the value-add program for the remaining classic units and implement next-level finishes to previously upgraded units.”
Built in 1988, the property is situated on 9.6 acres and was 96% occupied at the time of sale. Amenities include a 24-hour fitness center, expansive pool and sundeck, multiple grilling stations, clubhouse, business center, picnic areas, and dog park.
