McCall Capital closes on $11 million sale of townhome apartment community in Simpsonville
June 29, 2015
GREENVILLE, SC – McCall Capital, a real estate investment, development, and asset management company based in Greenville, SC, closed on the sale of the Enclave at Fairview in Simpsonville, SC, for $11 million last week. This 120-unit apartment community offers large two and three bedroom townhomes, a swimming pool, fitness center, playground area, car care center and dog park.
“When we purchased the property in late 2006, we wanted to reposition it for later sale, so we rebranded it by establishing the Enclave name, and added a number of amenities and value-add upgrades to the interiors to improve the overall quality of the community,” said Marcus McCall, president of McCall Capital. “Of course right after we bought the property the market took a significant downturn, so we adjusted our strategy to a very conservative financial approach which allowed us to continue to manage the property successfully during the difficult years.”
The townhomes were originally built in the 1980s as a for sale product, but instead became a rental community. After managing the property successfully for many years, McCall Capital selected Pegasus Residential in 2014 to serve as managing/operating partner, for its portfolio. Pegasus, which manages more than 22,000 units across the southern United States, brought significant management expertise and value to the property.
“We were able to come in and increase average rents while maintaining very high occupancy rates,” said Debbie Conley, chief operating officer at Pegasus Residential. “With the amenity package and upgrades that McCall Capital added to the property, it made it that much more attractive to both renters and investors.”
Ginkgo Residential purchased the property from an affiliate of McCall Capital on June 24, 2015. Multi Housing Advisors was the agent for the sale of the Enclave at Fairview. McCall Capital served as a principal and manager of the transaction.
About McCall Capital
McCall Capital, LLC was established in 2003 to develop and acquire multifamily apartment communities in the Carolinas and Georgia. The company has developed and/or acquired approximately 2,400 apartment units throughout the Carolinas, which are valued at approximately $250 million. McCall Capital’s primary business is development, acquisition, asset management and sales of high-end apartment communities.
