NAI Earle Furman Closes Sale of 112-Unit Townhome Community Ramblewood Apartments
November 20, 2014
GREENVILLE, SC – Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, Beattie Family Partnership, LP, in the sale ofRamblewood Apartments, which includes 112 townhomes located at 2900 East North Street in Greenville, SC. The community was built in 1972 and was 93% occupied at the time of sale. The purchaser, Covenant Capital Group based out of Nashville, TN, plans a complete repositioning of the property after implementing both interior and exterior upgrades.
“This sale is a great example of the increased interest vintage properties are getting in the Greenville market from out-of-state investors. With a fantastic location like Ramblewood’s, experienced multifamily buyers like Covenant Capital can quickly identify the opportunity for major rental growth after just a few capital improvement projects are completed.” said Kay Hill, multifamily broker at NAI Earle Furman.
About Covenant Capital Group: Covenant Capital Group is a real estate private equity firm specializing in value-added acquisition and redevelopment of apartment communities.
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, visit www.naiearlefurman.com.
