GREENVILLE, SC—Capstone Apartment Partners has brokered the $13,650,000 sale of 2207 North: a 130-unit garden-style apartment community in the burgeoning Greenville MSA. The 9.2-acre community is situated along US-29, benefitting from its proximity to a large variety of grocery, retail, and dining establishments along the Wade Hampton corridor.
Capstone’s Alex McDermott, Brian Ford, Bryse Toothaker, and Rhodes Marley sold the property on behalf of PassiveInvesting.com, who invested $2.7 million into the property since acquiring it in 2018, including interior renovations on 48 units and a full remodel of the community clubhouse.
The buyer, Texas-based GVA Management, plans to continue the previous owner’s unit renovation program and upgrade the amenities throughout the community.
“2207 North offers a great opportunity for future organic growth, as well as a proven platform for continuation of value-add initiatives for new ownership to further enhance,” McDermott said. “Greenville continues to attract corporations, synthesizing job growth due to its favorable tax rates and cost of living.”
Built in 1972, 2207 North is comprised of one- and two-bedroom apartment homes and was approximately 93% occupied at the time of closing. Select upgraded units feature wood-style vinyl flooring throughout, white shaker cabinetry with stylish open shelving, granite countertops, stainless-steel appliances, and ceiling fans. Community amenities include a swimming pool, pond, clubhouse, playground, picnic/grilling area, and laundry facilities.