Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Garden District, a 223-unit multifamily asset in Simpsonville, South Carolina. The property sold for $29.35 million, which equates to $131,614 per unit.
“Garden District is a Class A apartment community located in one of the fastest-growing areas in Greenville County,” said Drew Babcock, CCIM, first vice president investments in Marcus & Millichap’s Columbia office. “Although the area has added a new supply of apartments recently, the unique cottage-style design of Garden District makes it stand out among the competition.” Babcock represented the seller, a Florida-based partnership. The buyer is a private investor based in Simpsonville.
Completed in 2008, the Garden District is close to the Simpsonville Plaza shopping center and near Greenville Technical College. Greenville-Spartanburg International Airport is approximately 30 minutes away. The property is a gated community with Georgian-style architecture, red-brick accents and nine-panel cottage-style exterior doors with rustic bronze lantern designs. Community amenities include state-of-the-art technology, an internet café, green spaces with year-round garden color, and a resort-inspired saltwater swimming pool. Apartments have nine-foot ceilings and abundant natural light from large windows and transoms over the front doors.
About Marcus & Millichap
With nearly 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.