Arch Companies, a New York City based real estate investment firm, has acquired the Whispering Pines apartment complex on Abner Road in Spartanburg, with plans to renovate and update the building.
The acquisition comes after The Arch Advisors team, a subsidiary of the company, secured $61.5 million in financing from Walker Dunlop to acquire 1,125 multifamily units across three properties in Winston-Salem, North Carolina, and one property – the Whispering Pines building – in Spartanburg.
“Both Winston-Salem and Spartanburg are emerging markets that have experienced substantial growth in population, income and employment over the last five years,” said Jeffrey Simpson, managing partner at Arch Companies.
All four structures were built between 1970 and 1980 and “boast great locations near local transportation and services,” according to a company statement.
Arch Companies Partner Jared Chassen said the properties will benefit from a value-add strategy.
“There is increasing demand for housing in the region,” Chassen said. “And the transaction represents Arch’s plans to invest in the neighborhoods.”
This four-property acquisition comes on the heels of the company acquiring 878 units in Jacksonville, Florida, bringing the company’s total number of acquisitions to more than 2,000 multi-family units within the past two months. The company has now acquired property in six states, including Florida, Connecticut, California, Alabama, North Carolina and South Carolina.