South Carolina

MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.

BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.