The three-story multifamily community is located on 23 acres off Interstate 85 and the S.C. Highway 153 interchange and features 288 apartments with an average 840 square feet of living space per unit.
“The property presents the buyer with a first-generation value-add opportunity in a high-growth market with strong market fundamentals that support growth and expansion,” Will Balthrope, IPA executive director, said in a news release.
Balthrope and IPA’s Drew Garza represented the seller, Vantage Communities. Ben Yelm is Marcus & Millichap’s broker of record in South Carolina.
“Greenville has seen a heightened level of growth and expansion as many of the major employment drivers in the market have increased their footprint in recent years,” Garza said in the release. “BMW continues to invest in and expand its plant, and Pierburg US, Global Lending Services and Fitesa have all announced plans to expand their operations in Greenville.”
California-based Rance King Properties specializes in managing multifamily property investments with a portfolio value of $1 billion.
“IPA’s Texas-based multifamily team finds investment opportunities for clients throughout Texas and beyond,” Balthrope said in the release. “Working with clients with one comprehensive team was an important factor in the success of this transaction."