Springer Capital Snaps Up South Carolina Portfolio for $240M

This is the state’s largest market-rate property deal in the last decade.

The community at 305 Brookfield Drive in Myrtle Beach, S.C.
Ivystone at Palmetto Pointe has 664 units across 42 two-story buildings. Image courtesy of Yardi Matrix

An eight-property South Carolina portfolio totaling 2,164 units has recently changed hands. Springer Capital acquired the assets for $240.2 million, with the help of a financing package from MF1 Capital, public records show.

This portfolio sale marks the largest market-rate property transaction in South Carolina in the last decade. The previous owner was Powers Properties, according to Yardi Matrix data. Berkadia arranged the deal on behalf of the buyer.

The South Carolina communities, located in the Charlotte, Charleston, Greenville and Columbia metros, came online between 1990 and 2002. The buyer plans to renovate all units, along with upgrading amenity areas over the next two to three years. Brookside Properties will serve as property manager.

The value-add portfolio includes:

  • the 664-unit Ivystone at Palmetto Pointe at 305 Brookfield Drive in Myrtle Beach
  • Mallard Pointe, a 360-unit property at 2361 Eden Terrace in Rock Hill
  • the 144-unit Deerfield Apartments at 2067 McGee Road, also in Rock Hill
  • Deerfield Run, a 56-unit, five-building property at 102 Deerfield Run in Easley
  • Waterford Apartments, comprising 128 units at 122 Riverstone Court in Easley
  • Ivy Ridge, featuring 24 units at 103 Stone Ave. in Easley
  • the 488-unit Heritage Trace, encompassing 30 buildings at 101 Boone Hall Drive in Piedmont
  • Heatherstone Apartments, a 300-unit property at 334 Boone Hall Drive in Piedmont

Berkadia Managing Directors Caleb Troop and Mark Boyce represented Springer Capital. Troop was also part of the team that represented European Investment Management Corp. in the sale of two multifamily properties in Charlotte, N.C.

Charlotte’s multifamily sector faces headwinds

The Charlotte market saw six communities change hands year-to-date through March, amounting to $135.4 million, a steep decline from the eight properties that traded for $376.8 million during the same period of 2023. The average price per unit also dropped significantly year-over-year, from $281,995 to $152,168.

In one of this year’s deals, URS Capital purchased Residences at Belmont, a 176-unit community in Belmont, N.C. Napali Capital sold the garden-style asset.

A month earlier, Community Solutions acquired its first property in the market, the 216-unit The Park at Ferentino. Stonecutter Capital Management sold the community for nearly $31 million.