CHARLOTTE—Arbors at Brookfield just traded for $66.8 million. Steadfast Apartment REIT acquired the 702-unit apartment community in Mauldin, SC, which is less than eight miles from the Greenville CBD.

The acquisition marks Steadfast's entry into South Carolina. The firm has now invested over $687 million in 18 apartment communities in nine states.

“Arbors at Brookfield is a strong addition to the Steadfast Apartment REIT portfolio,” says Ella Neyland, president of Steadfast. “Located in a thriving submarket with positive fundamental gains, we believe it represents a quality asset with untapped potential.”

Why Arbors at Brookfield? The City of Maudlin's future has a lot to do with it.

Maudlin is located within the Greenville-Anderson-Mauldin MSA—the largest MSA in the state marked by strong employment pool and expanding economies. New developments are rising around Arbors at Brookfield, including the construction of the 300,000-square-foot TD Bank campus and the Millennium Campus, a 500-acre project that is expected to cater to technology-driven industries. Served by Interstate 385, Mauldin is close to Greenville, which is the North American headquarters for Hubbell Lighting, PerceptIS and Michelin.

The multifamily project was constructed in four phases between 1989 and 1997 on 50 acres of land. Arbors at Brookfield includes 35 two- and three-story buildings, multiple clubhouses, a fitness center, three swimming pools, a sand volleyball court, a business center, tennis courts, a dog park and media room.

Although the multifamily asset is 94.9% occupied with an average rent of $766, Steadfast is planning to make unit upgrades. The firm will invest in new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. The rest of the property will also get moderate upgrades.