Capstone Closes $25 Million Sale of 208-Unit Asset in Greenville-Spartanburg MSA

SPARTANBURG, SC—Capstone Apartment Partners has closed the $25 million sale of Village at Mills Gap: a 208-unit garden-style apartment community in the northern Spartanburg suburb of Boiling Springs, South Carolina. The asset is situated along the Boiling Springs Road corridor right off Interstate 85.

Capstone’s Alex McDermott, Austin Green, and Caleb Troop represented the seller, Read Property Group, who purchased the asset in 2014. The buyer, Southwood Realty, acquired Village at Mills Gap as part of a 1031.

“We have seen continued investor attraction to the Greenville-Spartanburg MSA. Boiling Springs offers a low-cost alternative to more infill locations around Greenville and Spartanburg, strong schools and demographics, and proximity to BMW and auxiliary jobs. We enjoy working with repeat clients and it has been satisfying to take Village at Mills Gap full circle for Read Property Group,” said McDermott.

Built in 2014, Village at Mills Gap is comprised of one-, two-, and three-bedroom units that were approximately 90.3% occupied at the time of closing. The community’s robust amenity package includes a resort-style swimming pool, fitness center, game room, dog park, picnic/grilling area, playground, car care center, laundry facilities, and more. Each apartment home features a fully equipped kitchen, spacious closets, washer/dryer connections, and a sunroom or patio.

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