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Metro Greenville MF Property Trades for $29M
Full-service real estate investment, development and management firm RAS Realty Partners has sold Garden District Apartment Homes in Simpsonville, S.C. for $29.3 million. The property was purchased by Upstate Garden District Apartments LLC.
Located at 100 Garden District Dr., the 223-unit community is approximately 13 miles south of Greenville. Built in 2008, the community is comprised of one-, two- and three-bedroom units. Amenities include a recently-renovated contemporary clubhouse, spa-style salt-water pool, furnished outdoor area with grills, a fitness center and residents lounge.
“We targeted an investment in the city of Greenville because of its strong employment and rental growth, which had led to a shortage of Class A apartment home availabilities,” said Michael Heller of RAS. “By taking the management in-house and improving the asset through strategic upgrades to the infrastructure, landscape and amenities, we were able to maintain full occupancy throughout the course of our ownership.”
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