RAS Realty Sells SC Apartment Community
The 223-unit rental community sold for $29 million to Upstate Garden District Apartments LLC.
SIMPSONVILLE, SC – RAS Realty Partners has sold a rental community to Upstate Garden District Apartments LLC for $29.35 million.
The community, Garden District Apartment Homes, is comprised of 223 units across 16 buildings. Built in 2008, the asset offers private outdoor spaces, as well as community amenities such as a newly- renovated clubhouse, a salt-water pool, a fitness center, a residents lounge and an outdoor area with grills and seating.
Situated on 13.2 acres of land at 100 Garden District Drive in Simpsonville, SC, the community features a variety of one-, two- and three-bedroom floorplans.
RAS Realty Partners initially targeted the Greenville market asset due to the area’s employment and rental growth, with a population of 20,000 residents. The firm implemented upgrades and improvements throughout its ownership to maintain full-occupancy.
The firm plans to actively seek new multifamily investment opportunities throughout the Southeast, to grow its class-A portfolio.
RAS Realty Partners, based in Boca Raton, FL, is a full-service real estate investment, development and management firm. Founded in 2014, the firm focuses on multifamily assets throughout the Southeast.