7-Property Portfolio Sells in S. Carolina
Machine Investment Group and Prospect Lane have landed a $53.4 million bridge financing for an 877-unit, seven-property portfolio in two South Carolina counties. A JLL team led by Jamie Leachman secured the three-year, floating-rate loan.
The portfolio comprises five properties in Spartanburg and two in Mauldin. The region has experienced a population growth of over 500,000 in the past decade and a net migration of 94,000+ residents in 2022.
The 70%-occupied, 1971-1986 vintage apartment portfolio has 139 newly renovated units, and the sponsor plans to remodel an additional 300. The restorations will include updates to in-unit features like new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet flooring. Additionally, the exterior of the complexes will get updated roofs, parking lots, sidewalks, exterior painting, HVAC systems and security camera installations.
