Whispering Pines Apartments, a 312-unit complex located at 408 Abner Road in Spartanburg, has sold for $13,050,000.
The purchaser, New York-based Cedar Grove Capital, plans to renovate and hold the property.
Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Southwood Realty.The purchaser had no broker representation. This transaction is the NAI Earle Furman’s Multifamily Division’s fourth representing Southwood Realty.
“Value-add deals of this size are becoming exceedingly hard to come by in the Upstate,” said Kay Hill, shareholder and NAI Earle Furman multifamily broker. “We were happy to represent Southwood once again in a sale and are equally excited to see what Cedar Grove makes of this well-positioned opportunity.”
