Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of The Lively Drayton Mills, a 297-unit garden-style multifamily property in Spartanburg, South Carolina.
Senior Managing Directors David Lansbury and Jim Sewell, and Managing Director Erika Maston of Berkadia Charleston led the transaction on behalf of the seller, Orangeburg-based Orange Capital Advisors.
The Lively Drayton Mills sold for $53 million to BridgeGaps Real Estate on May 21. The sales price reflects a per-unit price of $180,000. The property was 92% occupied at the time of the sale. Located at 225 Milliken Street, the property affords convenient access to downtown Spartanburg and high-quality retailers.
“The Lively Drayton Mills represents a dynamic shift in Spartanburg residents’ lifestyle and is an insightful development with strong potential for future rent growth,” said Sewell. “The developer was able to utilize mill tax credits, deliver affordable units and navigate through a supply-heavy market. It was a solid execution on the buyer’s side having timed the debt market as favorably as possible.”
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
