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Avison Young arranges $4.9 million sale of two apartment buildings in vibrant downtown Spartanburg

Avison Young arranges $4.9 million sale of two apartment buildings in vibrant downtown Spartanburg February 24, 2023

Christian DiCroce represents both the buyer and sellers in the off market transaction

Greenville, SC Avison Young today announced that it has negotiated the sale of two multifamily buildings in Downtown Spartanburg. The properties include City View Apartments, a 39-unit apartment building and East Main Apartments, a 16-unit apartment building.

Christian DiCroce of Avison Young represented both the buyer and sellers in the off market transaction. The property was acquired by Van Rock Holdings LLC for $4,875,000.

"Both properties offer an attractive unit mix and offer significant upside on mark-to-market rental increases due to the desirability of the assets and continued limited supply in this submarket. We were able to execute a loan assumption on both properties securing a significantly below market interest rate for the buyers while allowing the sellers to avoid yield maintenance on their exit," said DiCroce, Associate at Avison Young. “Spartanburg will continue to see investment and rental demand due to net migration and corporate relo's as well as continued investment and expansion from well renowned companies like BMW.”

City View Apartments is located at 144 West Henry Street while East Main Apartments is located at 701 East Main Street and both properties were above 90% occupancy at the time of sale. 
 
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