Berkadia Negotiates $42M Sale of SC Community

West Village Lofts is the adaptive reuse of the historic Brandon Mill, a former textile factory. The 117-year-old industrial property was transformed into multifamily in 2016.
West Village Lofts at Brandon Mill

Berkadia has negotiated the $42.15 million sale of the 182-unit West Village Lofts at Brandon Mill at 25 Draper Street in Greenville, S.C. Both the seller and the buyer remained undisclosed.

Managing Director Mark Boyce, Director Jeremiah Jarmin and Associate Blake Coffey negotiated the transaction. The sale price reflects a per-unit price of $231,593. Occupancy levels stood in the mid-90s at the time of the transaction.

“Our client developed the project through the Historic Tax Credit program and South Carolina’s specially assessed property tax incentive,” Jarmin said in prepared remarks. “The execution of this transaction highlights how developers can generate tremendous value while simultaneously improving communities and the overall character of the submarket through a creative approach.”

Near shopping and dining options

Unit features and finishes at West Village at Brandon Mill include floor-to-ceiling windows, ceiling heights no less than 15 feet, stained concrete floors, exposed brick interiors, contemporary interiors with monochromatic appliances, microwave ovens, washer-dryer hookups in all units and high-speed Internet.

Common-area amenities include a pool, fitness center, wine cellar, dog park, clubroom, outdoor living space with grills and fire pits, controlled access and 215 parking spaces. The apartment community features one building set on a 9.5-acre site.

West Village at Brandon Mill is located just west of downtown Greenville, near retail and dining options. Shoeless Joe Jackson Memorial Park, Westside Park and Woodside Cotton Mill Village Historic District are among nearby recreational amenities.

Rents average $1,600 per month, and ranging from $1,275 for a one-bedroom to $2,975 for a three-bedroom unit.

Earlier this month, Berkadia completed the $30.5 million sale of The Enclave at Town Square, a 124-unit multifamily community in Chino, Calif.

Image courtesy of Berkadia