NAI Earle Furman Closes Sale of Whispering Pines Apartments for $13,000,000
NAI Earle Furman Closes Sale of Whispering Pines Apartments
312-Unit Multifamily Property in Spartanburg, South Carolina sells for more than $13 Million
Spartanburg, South Carolina (March 10, 2016): Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Southwood Realty, in the sale of Whispering Pines Apartments, a 312-unit complex located at 408 Abner Road in Spartanburg, SC. The multifamily property sold for $13,050,000 ($41,826 per unit). This transaction is the NAI Earle Furman’s Multifamily Division’s fourth representing Southwood Realty.
The purchaser, Cedar Grove Capital, based out of New York, NY, had no broker representation. Their plan is to renovate and hold the property.
“Value-add deals of this size are becoming exceedingly hard to come by in the Upstate. We were happy to represent Southwood once again in a sale and are equally excited to see what Cedar Grove makes of this well positioned opportunity,” says Kay Hill, Shareholder and NAI Earle Furman Multifamily Broker.
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. 2016 marks NAI Earle Furman’s 30th Anniversary. For more information, visit www.naiearlefurman.com.