GRENNVILLE, SC – May 12, 2014 –Tony Bonitati and Kay Hill of NAI Earle Furman’s Multifamily Division represented the Sellers, Three S Enterprises, LLC and Lakewood Properties, LLC, in the sale of a 104-unit multifamily rental village known as Lakewood on the Saluda, located at 104 B Stanley Drive in Greenville, South Carolina. The purchaser was Victoria Apartments, Inc. The community, which was built in 1986, sold for $3,750,000 and was 92% occupied at the time of sale.
“This sale is representative of our country’s evolving housing market. The concept of a “rental village” has gained favor among investors and tenants alike. Lakewood at Saluda offers its residents quiet carefree living, with more personal space than an apartment complex. The property is comprised of detached duplex homes, but it has centralized management by an onsite team. We expect to see “rental village” properties become even more popular in the future,” said Tony Bonitati, multifamily broker at NAI Earle Furman.
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. 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, visitwww.naiearlefurman.com.