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GREENVILLE, SC-Grubb & Ellis Realty Investors LLC has purchased the 562-unit Plantations at Haywood apartment complex on behalf of tenant-in-common investors. Apartment Realty Advisors represented the seller, Simpson Housing, with Wachovia Bank providing financing. Neither party disclosed the sale price.

Plantations at Haywood was built in three phases in 1981, 1991 and 2001, and encompasses 662,000 sf in 40 buildings on nearly 38 acres, with units averaging 1,200 sf each. Property amenities include a clubhouse, three swimming pools, three tennis courts, a fitness center and a sports court.

The complex is currently 96% occupied, in line with Greenville’s current overall apartment occupancy of at least 92%, according to Santa Ana, CA-based Grubb & Ellis Realty Investors, an investment and management subsidiary of Grubb & Ellis Co. It also benefits from a prime location between the Greenville central business district and Interstate 385.

“The low vacancy rates among Greenville apartment communities, as well as the property’s exceptional location in a growing market, make this asset an attractive opportunity for our tenant-in-common investors,” said Jeff Hanson, president and CEO of Grubb & Ellis Realty Investors. The firm has assets valued at $6.1 billion in 30 states and has transacted a total of $10.4 billion in acquisitions and dispositions over the past decade, with 70% of that volume occurring since 2005.

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