FOR IMMEDIATE RELEASE
Contact: Jariel Bortnick, firstname.lastname@example.org, (646) 362-3284
Quad Property Group Sells Augusta-Area Apartment Complex.
The Boundary at Silver Bluff sold for a 95% premium in just over two years
New York, NY – An affiliate of Quad Property Group, a New York-based real estate investment firm, has sold The Boundary at Silver Bluff in Aiken, South Carolina. The $15,000,000 sale, which was 95% higher than the 2019 purchase price, closed on December 23rd.
Berkadia’s Carolinas Investment Sales Team, consisting of Managing Director, Mark Boyce, and Director, Blake Coffey, assisted the seller with the transaction.
“In just over two years, we were able to execute our business plan and significantly enhance the Property’s position in the market,” said Jariel Bortnick, a principal at Quad Property Group. “We are pleased to capitalize on The Boundary at Silver Bluff’s transformation, along with the robust investor demand for multifamily in the Augusta/Aiken area.”
The 126-unit complex was previously purchased for $7,700,000 in September, 2019. Located at 749 Silver Bluff Road, The Boundary at Silver Bluff was built in 1976 and sits on 9 acres in south Aiken, less than 20 miles from downtown Augusta, GA. It contains a mix of 1, 2 and 3-bedroom apartments, along with a leasing office, resident clubhouse, swimming pool, pet park and sport court.
Quad Property Group, which owns apartment communities throughout the Sunbelt, performed numerous upgrades to the property during its ownership. The upgrades included enhancements to the property’s common areas, amenity spaces and unit interiors.
Michael Kashan, also a principal at Quad Property Group, stated that, despite the sale, the company expects to expand its presence in the Augusta metro area. “We remain excited about the present and future of the area and plan to add to our multifamily portfolio locally,” said Kashan.
Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.