Institutional Property Advisors Completes Multifamily Asset Sale in South Carolina
GREENVILLE, S. C., June 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Vantage at Powdersville, a 288-unit multifamily asset in Greenville, South Carolina.
“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,” said Will Balthrope, IPA executive director. Balthrope and IPA’s Drew Garza represented the seller, Vantage Communities, and procured the buyer, RK Properties. 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,” added Garza. “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.”
The three-story, garden-style property is located off the Interstate 85 and South Carolina Highway 153 interchange, which provides access to Downtown Greenville. Interstate 185, a highway that loops around the entire Greenville metro, is close by. The immediate area is home to many retail options and there are three schools across the street. Clemson University is a short drive away.
Constructed in 2019 on 23 acres, apartments at Vantage at Powdersville have nine-foot ceilings and full-size washers and dryers. The average unit size is 840 square feet. Community amenities include garages, carports, storage units and a resort-style swimming pool.
“IPA’s Texas-based multifamily team finds investment opportunities for clients throughout Texas and beyond,” added Balthrope. “Working with clients with one comprehensive team was an important factor in the success of this transaction.”
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About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com