CBRE facilitates sale & acquisition financing of McBee Station Apartments
August 3, 2015
GREENVILLE, SC – CBRE’s has finalized the sale of McBee Station Apartments in Greenville, SC. The property sold on July 30, 2015, to Atlanta-based TriBridge Residential for $44,700,000. TriBridge Residential intends to selectively implement unit interior enhancements throughout the property to continue the community’s reputation as one of the premier residential options in the Greenville MSA.
CBRE’s Phil Brosseau, Kevin Kempf, and Malcolm McComb led the sale on behalf of the seller, and CBRE’s Steve Heffner and Nate Sittema represented TriBridge Residential in securing $29,000,000 in acquisition financing from Allianz Real Estate of America, on behalf of the US Allianz insurance companies.
McBee Station is a 197-unit Class-A multifamily property located two blocks off Main St. in Downtown Greenville, SC. The community is positioned adjacent to the Publix anchored shopping provided within McBee Station, and offers incredible proximity to downtown Greenville’s world-class dining and entertainment options as well as recreational opportunities including the Swamp Rabbit Trail, Cleveland Park, and Falls Park.
Greenville continues to see tremendous population growth and near unprecedented multifamily performance measures as evidenced by the Q1 2015 submarket’s occupancy rate of 96%. “Renter demand remains extremely strong for modern, infill multifamily communities, which is driving institutional capital into many urban locations throughout the Southeast. McBee Station’s location, large average unit size, and amenity suite present an ideal opportunity for new ownership to realize accretive rent growth by upgrading units to satisfy the market’s demand for higher-end product,” Brosseau said.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
