Berkadia Negotiates Multifamily Portfolio Sale in South Carolina
CHARLOTTE, NORTH CAROLINA – April 18, 2024 – Berkadia announced today the sale of an eight-property value-add portfolio across the state of South Carolina. The portfolio encompasses 2,164 units, across eight properties in South Carolina. Managing Directors Caleb Troop and Mark Boyce of Berkadia Charlotte and Charleston, respectively, led the transaction on behalf of the private buyer. The seller is undisclosed, and the deal closed on April 11.
The portfolio sale is South Carolina’s largest market rate apartment transaction in the last decade.
“This transaction represents a sizable investment into the housing needs for thousands of residents throughout the Charlotte, Greenville, and Myrtle Beach markets,” said Troop. “Despite higher borrowing costs, the appetite for quality multifamily communities throughout the Sunbelt remains robust, and we are excited to see what the future has in store for these well-located suburban assets throughout South Carolina.”
The buyer plans to renovate all 2,164 units over the next two to three years as well as upgrade amenity areas. Brookside Properties has taken over property management for the communities.
The eight properties in this portfolio include:
- Ivystone at Palmetto Pointe | 305 Brookfield Drive Myrtle Beach, South Carolina | 664 units
- Mallard Pointe | 2361 Eden Terrace Rock Hill, South Carolina | 360 units
- Deerfield Apartments | 2067 McGee Road Rock Hill, South Carolina | 144 units
- Deerfield Run | 102 Deerfield Run Easley, South Carolina | 56 units
- Waterford Apartments | 122 Riverstone Court Easley, South Carolina | 128 units
- Ivy Ridge | 103 Stone Ave Easley, South Carolina | 24 units
- Heritage Trace | 101 Boone Hall Dr Piedmont, South Carolina | 488 units
- Heatherstone Apartments | 334 Boone Hall Dr Piedmont, South Carolina | 300 units
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