The Crestmont at Thornblade apartment community traded ownership earlier this month. Located at 75 Crestmont Way in Greenville, the 266-unit Crestmont offers quick access to I-85 and downtown Greenville.
CBRE represented the seller in the transaction and secured a Freddie Mac loan for the buyer. The seller was a joint venture between Magellan Investment Partners and Walton Street Capital and was represented by CBRE’s Phil Brosseau and senior vice president Kevin Kempf.
The buyer was a joint venture between Blackmount Real Estate Partners and BRT Apartments Corp., and CBRE’s Nate Sittema, Kristen Reilley, and Jason Gaccione assisted in acquiring financing for the buyer.
“Due to geographic barriers, there is only limited supply in the sought-after Thornblade submarket, which positions this property as a prime value-add investment,” Kempf said in the release. “In the past 10 years, there haven’t been any new multifamily developments in the submarket and no new units are under construction or planned within a five-mile radius of the property.”
Crestmont was built in 1998 and includes one-, two-, and three-bedroom apartments, a resort-style swimming pool, two tennis courts, grilling area with tables, playground, car care center, and fitness center. The community features wooded, mature landscaping surrounding the apartments.
“Crestmont at Thornblade is an ideal candidate for a value-add program with proven premiums and upside remaining in 90 percent of the units,” he said.