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ATLANTA-The Arbors at Fairview, a 168-unit multifamily building on 17.02 acres in Simpsonville, SC, has sold for $10.5 million or $62,723 per unit at a 10.5% capitalization rate to Montgomery, AL-based B & M Management.

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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