SPARTANBURG, SC-Covenant Capital Group based in Nashville has purchased Timbers Apartments located in Spartanburg, South Carolina, for a price of $5.6 million. The average unit price for the 183-unit multifamily property is $30,600. Jeff Seiters, senior vice president at Covenant, stated that the company purchased the lender-owned property for a price well below 50% of replacement cost.
Covenant intends to improve resident amenities and unit interiors, as well as enhance curb look through cosmetic upgrades and landscape improvements, added Seiters. For the full story, go to Nashville Business Journal .
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