Capstone Brokers $25M South Carolina Sale
- Dec 21, 2020
Capstone Apartment Partners has arranged the sale of Village at Mills Gap, a 208-unit garden-style property in Boling Springs, S.C. Southwood Realty acquired the community from Read Property Group in a 1031 exchange. According to Yardi Matrix, the asset last traded in 2014, for $16.2 million.
Capstone’s team representing the seller included Partner Alex McDermott and Directors Austin Green and Caleb Troop. Recently, McDermott was also part of a Nashville, Tenn.-area portfolio sale comprising 475 units. GVA Real Estate picked up the garden-style properties from MACC Venture Partners.
Village at Mills Gap is located at 97 Mills Gap Road, just off the Boiling Street retail corridor and near Interstate 85. The 23.4-acre site is 2 miles from University of South Carolina’s Upstate campus and 6 miles north of central Spartanburg, S.C.
Built in 2014, the 10-building community features a unit mix of one-, two- and three-bedroom floorplans. The property was roughly 90.3 percent occupied at the time of sale. Common-area amenities include a resort-style swimming pool, fitness center, game room, picnic area and playground.