South Carolina has also been discovered by investors looking to drill deep into secondary and tertiary apartment markets. That's for similar reasons as Charlotte, MHA managing director Jordan McCarley explains (right, snapped with colleague Marc Robinson): market fundamentals remain solid and financing options for multifamily assets continue to improve. He anticipates “tremendous investment activity” in South Carolina multifamily well into 2015.
Charlotte-based Jordan and Marc recently repped the sellers of four apartment properties in South Carolina for a total of $39M, all of which attracted a lot of attention from bidders, Marc notes. The deals included Covenant Capital acquiring the 246-unit Century Forest in Greenville from Centennial Holding Co for $19M (pictured), Hudson Capital buying the 120-unit Fox Run in Camden for $10M from Pulliam Investments, and PRG Real Estate selling a two-property portfolio in Spartanburg to Graycliff Capital for $10M.
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