By Laura Calugar
Capstone Apartment Partners facilitated the sale of Southern Pines Apartments, a garden-style community in Spartanburg, S.C. Bowman Investment Group sold the asset for $16.4 million, or $46,450 per unit, at a 6.01 percent cap rate. Capstone’s Brian Ford, Alex McDermott, Austin Green and Ron Corrao from the company’s Charlotte office brokered the deal.
Southern Pines is located at 350 Bryant Road in South Carolina’s Upstate region. The mutifamily asset provides easy access to employment centers and retailers as well as interstates 85 and 585. Built in 1973, the community features 108 one-, 122 two- and 122 three-bedroom units. According to Yardi Matrix data, the 22-building asset has apartments that range in size from 610 to 1,060 square feet. Amenities include two swimming pools, a tennis court, laundry facilities, grilling areas, a playground, clubhouse, fitness center, basketball court and 559 parking spaces.
Bowman Investment Group acquired the asset in 2012, and since then the company spent $3 million on extensive capital improvements to the property. In October 2014, Capstone Multifamily Group played an instrumental role in the operations and repositioning of the property.
Image courtesy of Capstone Apartment Partners
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