GREENVILLE, SC—Capstone Apartment Partners has closed the $49 million sale of Vantage at Powdersville: a 288-unit garden-style apartment community situated on 22 acres in west Greenville, South Carolina at the intersection of Anderson Road and State Road 153.
The Capstone transaction team was led by Caleb Troop, Austin Green, and Alex McDermott, who sold the property on behalf of Vantage Communities in conjunction with Institutional Property Advisors.
The buyer is California-based RK Properties, who plans to complete light upgrades to the community amenities and interior units. Vantage at Powdersville is the firm’s third transaction in the Carolinas in seven months. RK purchased Haven Pointe at Carolina Forest in Myrtle Beach earlier this year as well as Novel Research Park in Charlotte late last year.
“In an increasingly volatile construction environment, investors are flocking to strong markets with opportunities to purchase communities at or below replacement cost,” said Troop, the lead broker on the sale. “Vantage at Powdersville represents an incredibly well-built asset with room for growth both organically and through RK Properties’ plan to enhance amenities and unit finishes.”
Newly built in 2019, Vantage at Powdersville is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, fully equipped kitchens, ceiling fans, walk-in closets, full-size washer & dryer, and a patio or balcony. The community boasts a robust amenity package including a resort-style swimming pool, fitness center, picnic/grilling area, business center, dog parks and washing stations, garages, and more.
“We are excited to continue our footprint in the Carolinas and enter the thriving Greenville market,” said RK Properties Director of Acquisitions Daniel Swersky-Louw. “With strong demographics and a thriving employment story throughout the MSA, we believe this asset is well positioned for years to come.”
Vantage at Powdersville appeals to both families and working professionals as it offers strong nearby schools and an easy, 15-minute commute to Greenville’s central business district. The community was approximately 97% occupied at the time of closing.