CBRE Brokers Sale of 144-Unit SC Community
Beacon Ridge in Greenville traded for $14.6 million. Represented by CBRE's Kevin Kempf, Parker Yates, David Lansbury and Phil Brosseau, Grubb Properties sold the asset to PRG Real Estate.
By Laura Calugar
CBRE Capital Markets has facilitated the sale of Beacon Ridge Apartment Homes, a 144-unit, value-add community in Greenville, S.C. Kevin Kempf, Parker Yates, David Lansbury and Phil Brosseau from CBRE worked on behalf of the seller in this transaction, Grubb Properties. According to Yardi Matrix data, PRG Real Estate acquired Beacon Ridge for $14.6 million. Last year, the real estate investment and management firm also purchased The Resort at Lake Crossing, a 208-unit multifamily property in Lexington, Ky.
Located at 5 Crystal Springs Road just off Interstate 385, the property is less than two miles from the newly renovated Haywood Mall and also close to downtown Greenville and the Greenville Health System Patewood Medical Campus. The unit mix consists of one-, two- and three-bedroom apartments, ranging in size from 900 to 1,321 square feet. Amenities include:
- a fitness center
- swimming pool
- grilling stations
- business center
- dog park
- 247 parking spaces
The 1988-built property is situated on almost 10 acres and was 96 percent occupied at the time of the sale. “New ownership will have the opportunity to expand the scope of the value-add program for the remaining classic units and implement next-level finishes to previously upgraded units,” said Kempf, first vice president at CBRE Capital Markets, in prepared remarks.
Image courtesy of CBRE