SPARTANBURG, SC—Capstone Apartment Partners recently brokered the sale of Southern Pines Apartments: a well performing, garden-style apartment community located in Spartanburg, SC. The property was sold by the managing member of the Florida-based Bowman Investment Group, LLC for $16,350,000, or $46,450 per unit, at a 6.01% cap rate.
Southern Pines was built in 1973, and the property’s location in the prolific South Carolina Upstate region provides its residents easy access to employment centers, as well as premier retailers. Since acquiring the asset in 2012, Bowman Investment Group spent over $3,000,000 on extensive capital improvements to address significant deferred maintenance. In October 2014, Capstone Multifamily Group, a property management company of MACC Properties, was hired and played an instrumental role in the operations and repositioning of the property.
The purchaser of Southern Pines Apartments was attracted to the functional floorplans, location, and opportunity to continue the interior upgrade program that Bowman Investment Group initiated. The community offers residents two swimming pools, a tennis court, laundry facilities, grilling areas, a playground, clubhouse, and a fitness center.
Capstone Apartment Partners brokered the sale by leveraging its multi-office, collaborative platform with Brian Ford, Alex McDermott, Austin Green, and Ron Corrao from Capstone’s Charlotte office leading the transaction.