SPARTANBURG, SC—Capstone Apartment Partners has closed the $14 million sale of The Bluffs: a 144-unit apartment asset in Spartanburg, South Carolina. Comprised of 12 two-story buildings, the tree-lined community is nestled along Fairforest Creek off Vanderbilt Lane near Westgate Mall.
Capstone’s Austin Green, Alex McDermott, and Caleb Troop sold the property on behalf of Southwood Realty and procured the buyer, Indianapolis-based Pedcor.
“We have seen continued investor attraction to the Greenville-Spartanburg MSA. The Bluffs is a strong asset offering proximity to retail, dining, BMW, the airport, and auxiliary jobs,” said Green.
Built in 1982, The Bluffs comprises one-, two-, and three-bedroom apartment units and was approximately 97% occupied at the time of closing. Each apartment home features a fully equipped kitchen, woodburning fireplace, walk-in closets, ceiling fans, washer/dryer connections, and a patio or balcony. Select units also boast vaulted ceilings and skylights. Community amenities at The Bluffs include a swimming pool, clubhouse, fitness center, pet play area, picnic/grilling area, and laundry facilities.