NAI Earle Furman closes sale of Bailey Court Apartments
May 16, 2016
100-Unit Multifamily Property in Anderson, South Carolina sells for $3.75 Million
Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Bailey Court Apartments, LLC, in the sale of Bailey Court Apartments, an 100-unit value-add property located at 106 Concord Avenue, Anderson, SC. The multifamily property sold for $3,750,000 ($37,500 per unit) and was 96 percent occupied at the time of sale.
The purchaser, Morrison Capital, based in California, had no broker representation. Morrison plans to renovate and hold the property.
This sale marks the second transaction the NAI Earle Furman Multifamily Division has handled for the seller and brings their division’s 2016 sales volume to nearly $25,000,000.
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. 2016 marks NAI Earle Furman’s 30th Anniversary. For more information, visit www.naiearlefurman.com.
