144-unit Greenville apartment community sold

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Philadelphia-based PRG Real Estate has acquired Beacon Ridge Apartment Homes, a 144-unit value-add multifamily property at 5 Crystal Springs Road in Greenville.

CBRE Capital Markets’ Kevin Kempf, Parker Yates, David Lansbury, and Phil Brosseau represented the seller, Charlotte, N.C.-based Grubb Properties, in this transaction.

“Beacon Ridge is located just 1 mile from a major medical corridor with over 13,000 employees, and residents have convenient access to all nearby necessities, a fantastic location with many opportunities for new ownership to continue the positive rent growth momentum in the area,” said Kempf, first vice president at CBRE Capital Markets. “New ownership will have the opportunity to expand the scope of the value-add program for the remaining classic units and implement next-level finishes to previously upgraded units.”

Built in 1988, the property is situated on 9.6 acres and was 96 percent occupied at the time of sale. Amenities include a 24-hour fitness center, pool and sundeck, multiple grilling stations, clubhouse, business center, picnic areas, and dog park.

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