Covenant Capital Flips 2 SC Assets

The transaction netted the seller nearly $45 million after the renovation and expansion of the communities in Greenville’s East and Overbrook submarkets.

The Metropolitan in Greenville, S.C.
The Metropolitan in Greenville, S.C.

Covenant Capital Group has sold two of its recently renovated multifamily assets in Greenville, S.C., to Blue Rock Premier Properties. The Metropolitan, a 246-unit community, traded for $27 million, less than four years after Covenant acquired the asset from Centennial Holding Co. for $19.3 million, according to Yardi Matrix. The 172-unit 2900 North apartment community landed the seller $17.9 million. The seller had picked up the community from a private investor in late 2014 for $6 million.

The repositioned portfolio

Located at 660 Halton Road, The Metropolitan is situated on 21 acres in Greenville’s East submarket, approximately one mile from the airport. The property’s 15 buildings were constructed in 1987 and feature a mix of one- and two-bedroom apartments, ranging in size from 854 to 1,169 square feet. The community was 78.5 percent occupied in February, according to recent Yardi Matrix data.

2900 North in Greenville, S.C.
2900 North in Greenville, S.C.

The other property in the portfolio, 2900 North, sits a few miles north of The Metropolitan in the city’s Overbook submarket, one mile east of Bob Jones University’s campus. The community’s 17 buildings offer one-, two- and three-bedroom apartments, containing between 762 and 1,060 square feet. The asset’s initial phase, encompassing 112 townhouse units, was constructed in 1972. Covenant expanded the property to its current size in 2015.

At the beginning of March, Covenant sold another one of its properties, the 114-unit Apex West in Nashville, Tenn., to a private investor for $14.3 million.

Images courtesy of Yardi Matrix