7-Property Portfolio Sells in S. Carolina

A joint venture has purchased a portfolio of South Carolina apartment complexes that were previously owned by embattled syndicator GVA Real Estate Group.

Machine Investment Group and Prospect Lane, both of New York, closed in the last month on seven properties totaling 877 units. The total price was $70.1 million, or $80,000/unit. The duo landed a $53.4 million bridge financing for an 877-unit, seven-property portfolio in two South Carolina counties. A JLL team led by Jamie Leachman secured the three-year, floating-rate loan.

The portfolio comprises five properties in Spartanburg and two in Mauldin. The 70%-occupied, 1971-1986 vintage apartment portfolio has 139 newly renovated units, and the sponsor plans to remodel an additional 300. The restorations will include updates to in-unit features like new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet flooring. Additionally, the exterior of the complexes will get updated roofs, parking lots, sidewalks, exterior painting, HVAC systems and security camera installations.