An affiliate of Quad Property Group, a real estate investment firm specializing in multifamily property ownership, redevelopment and management, has acquired Grandeagle, a 152-unit apartment community in Greenville, S.C. The $9.4 million transaction marks the company’s first acquisition in the state. According to public records, Grand Eagle Partners has purchased the asset for $5.2 million in 2015.
Located at 50 Glenwood Road, Grandeagle is 3 miles east of downtown Greenville and less than a mile from Interstate 385. Retail and dining venues are within walking distance. The asset 1970-built property has nine buildings, offering a mix of one and two-bedroom units ranging from 600 to 1,175 square feet. Common-area amenities include a swimming pool, picnic and grilling areas, laundry facilities and 208 parking spaces.
The new owner is planning to bring extensive unit and common-area improvements to the property, which will result in updated unit interiors and additional amenity spaces, including a pet park. “Grandeagle is well-positioned to capitalize on the region’s dynamic, growing economy,” Jariel Bortnick, a principal at Quad Property Group said, in a prepared statement.
Another value-add multifamily community has recently traded hands in the same area. CBRE has brokered the $14.6 million sale of 144-unit Beacon Ridge Apartment Homes, which was purchased by PRG Real Estate.