B&M refused to identify the seller, a Greenville, SC-based developer. B&M purchased the asset in a 1031 exchange. The property was completed this month. Rents range from $630 to $930 per month.
The sale price represents $58 per sf, and the property is expected to have an appraised stabilized value of $12.75 million by August 2003, according to Marcus & Millichap which handled the transaction. The broker also refused to identify the seller.
The 180,822-sf property is located at Fairview Rd. and I 385 between Greenville and Spartanburg, SC. It contains 18 one-bedroom, 126 two-bedroom, and 24 three-bedroom units and has enclosed parking and 42 storage rooms.
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