Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Lions Gate, a 144-unit apartment community located in Mauldin, South Carolina. The final sale price was $13.75 million.
Tai Cohen, Jordan McCarley and John Phoenix of Cushman & Wakefield represented the sellers, an affiliate of NY-based Cedar Grove Capital, in the transaction. Charlotte, North Carolina-based QC Capital, a buyer of institutional-quality multifamily assets throughout the United States, acquired the property.
“It is always a pleasure to work with Cushman & Wakefield’s Carolinas Team,” said Chris Salerno, Founder of QC Capital. “Acquiring Lions Gate provides us with a proven value-add investment positioned in a rapidly growing submarket. We are very excited to execute our business plan for the property.”
QC Capital plans to renovate the property, beginning with landscaping, breezeways, and front doors. Some renovated units will include upgraded flooring, ceiling fans, new countertops, and new black appliances.
“Traversed by the commerce-rich Interstate 85 corridor, the Upstate is South Carolina’s fastest growing economy,” Cohen said. “Mauldin is a booming submarket prime to offer new ownership solid fundamentals and organic growth at Lions Gate.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.