NAI Earle Furman Closes Three Multifamily Transactions in One Week
August 5, 2014
GREENVILLE, SC – NAI Earle Furman, a leading full-service commercial real estate firm headquartered in Greenville, closed three multifamily transactions during the week of July 28th:
Village Park Apartments
Tony Bonitati and Kay Hill, both of NAI Earle Furman’s Multifamily Division, represented the seller of Village Park Apartments, Southwood Realty, based out of Gastonia, NC. The 132-unit complex, located at 110 Village Park Drive in Simpsonville, SC, was built in 1976 and 96 percent occupied at the time of sale. The buyer, Two Bridges Asset Managementout, based out of Brooklyn, NY, purchased the complex for $4,848,250. This is Bonitati and Hill’s second complex sold to this group in 2014.
“Representing Southwood Realty in the sale of Village Park was an honor. This group owns over 15,000 units in the Southeast and really has a knack for knowing when it’s the best time to sell to maximize a property’s value. Village has incredible historical performance and a great location a block off Main Street Simpsonville. We know Two Bridges will be happy with this addition to their portfolio,” said Hill.
Land for Multifamily Use
Earle Furman, SIOR, Jon Good, SIOR and Alexi Papapieris of NAI Earle Furman representedCamperdown Academy, Inc. in selling 16 acres of land for multifamily development at 501 Howell Road in Greenville, SC. Bonitati and Hill represented the buyer, Certus Partners, based out of Greensboro, NC. Certus Partners purchased the land for $2,000,000 and plans to build approximately 252 units on the site, which is next door to Camperdown Academy.
“We are excited to bring growth to the Haywood/Howell Road corridor. The Camperdown Academy was looking for a solution for a large tract of land they acquired for expansion. Our firm helped facilitate a coordinated effort between the School, Greenville County and Certus Partners. The transaction is a win/win for Camperdown Academy and the developer. This land had been slated for residential development in the past, but now the community will benefit from this multi-million-dollar apartment community,” said Bonitati.
11 Vacant Townhome Units
Bonitati, Hill and Glenn Batson, all with NAI Earle Furman, represented Ameris Bank in selling 11 vacant townhome units at 507-535 E Perkins Creek Road in Seneca, SC. Jake Van Gieson, also with NAI Earle Furman, represented the buyer, Ben Glunt, who purchased the property out of foreclosure.
“This transaction represents another one of our division’s successful “REO” bank sales for multifamily properties. Over the past few years, we have helped our banking clients sell over $8,000,000 of distressed residential units. While there have been less bank-owned assets available since the end of the recession, we continue to have strong activity in multifamily transaction volume,” said Bonitati.
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.
