NAI Earle Furman Closes Sale of 116-Unit Timbercreek Apartments
Spartanburg, South Carolina (January 26, 2015):Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the Seller, Jo-An Properties, LLC in the sale of Timbercreek Apartments, a 116-unit complex located at 501 Camelot Drive in Spartanburg, SC. Built in 1979, the multifamily property sold for $5,613,000. The Buyer was Two Bridges Asset Management, LLC, out of Brooklyn, NY, and they were represented by Tyler Flesch of Red Drum Capital.
This sale represents the fourth asset NAI Earle Furman’s Multifamily Team has sold to Two Bridges within the past 12 months. Most recently, they purchased Addison Townhomes in Taylors, SC (54 Units) and prior to that, they acquired Village Park in Simpsonville (132 Units) and Valley Creek in Spartanburg (102 units) all through NAI Earle Furman.
“In this instance our Seller, recognizing the high demand for her asset class, was willing to let us make an off-market match with Two Bridges. Having completed three previous trades with them, we knew their buy mentality and knew we could make a good fit in this property. This trade resulted in a profitable exit for our Seller and continued growth in market presence and economies of scale in their operations for Two Bridges- a win-win for all parties,” said Kay Hill, multifamily broker at NAI Earle Furman.
About NAI Earle Furman:Based in Upstate South Carolina, NAI Earle Furman is a leading full-service commercial real estate firm specializing in the office, industrial, investment, retail, multifamily, healthcare and land sectors. They offer a wide range of services including sales, leasing, development, site selection, consulting and property management. A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge. For more information, visit www.naiearlefurman.com.
# # #