Cushman & Wakefield has arranged the sale of Southern Pines, a 352-unit community located in Spartanburg, S.C. Nakash Family Land Trust and Mendel Fischer acquired the property for $22.3 million, with Eastern Union and Bancorp providing the funding for the transaction. According to Yardi Matrix data, the asset last traded in 2017, when the current seller purchased the 22-building property for $16.4 million.
Cushman & Wakefield’s Tai Cohen, Jordan McCarley and Watson Bryant represented seller Upstate Property Rentals in the transaction. Recently, the brokerage team arranged the $23.4 million sale of Heron Lake, a 216-unit community in Columbia, S.C., making it Collins Group’s first acquisition in the area.
Located at 350 Bryant Road, Southern Pines is on the I-85 corridor in the East Spartanburg submarket. Completed in 1976, the asset encompasses one-, two- and three-bedroom units averaging 864 square feet. Amenities include two swimming pools, a tennis court and a basketball court.
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