Greenwood County Celebrates $24.34 Million Multifamily Property Sale

News Summary

The recent sale of the Heritage Portfolio in Greenwood County for $24.34 million marks a significant investment in the local real estate market. The portfolio consists of five multifamily properties with a total of 346 units, demonstrating high occupancy rates and strong interest from both renters and investors. With the safeguarding legacy of the Heritage Company, this transaction is expected to boost the community’s housing development and vibrancy. The deal was facilitated by Marcus & Millichap, highlighting the enduring appeal of these assets in today’s market.

Greenwood County Hits Big with $24.34 Million Multifamily Property Sale

In a significant development for Greenwood County, the Heritage Portfolio has found new ownership in a recent sale that has everyone talking. The final sale price for this impressive group of multifamily properties? A whopping $24.34 million! This transaction not only represents a big investment but is also a testament to the growing interest in the area’s thriving real estate market.

The Properties of the Heritage Portfolio

The Heritage Portfolio isn’t just any collection of properties—it’s a carefully curated set of five well-maintained multifamily homes that together boast a total of 346 units. Here’s a quick rundown of the properties:

• Deerfield Apartments: A cozy community with 62 units, this property was built back in 1979.
• Foxfield Apartments: The largest of the group, this spacious complex offers 113 units and was constructed in 1985.
• Huntington Apartments: Home to 92 units, this establishment was completed in 1981.
• Trakas Apartments: This smaller yet charming property consists of 24 units and was built in 1980.
• Wood Glen Apartments: Rounding out the portfolio, this property includes 56 units and was constructed in 1984.

What makes these properties truly stand out is not just their age or number of units, but also their high occupancy rates. Each of these assets has been well-maintained, making them attractive options for renters and investors alike.

The Broker Behind the Deal

Bringing this impressive sale to fruition was Marcus & Millichap, a renowned brokerage firm specializing in various aspects of commercial real estate, including investment sales and financing. The firm’s Columbia office played a critical role in facilitating this transaction, with Drew Babcock acting as the first vice president of investments representing the seller.

Interestingly enough, the seller was the Heritage Company, which had owned this treasure trove of properties for over 40 years. That’s right—a true legacy property! Given the esteem in which these properties are held, it’s no wonder that the sale attracted not just one, but multiple competing offers during the sales process. It’s a clear indication of how desirable these homes are in today’s market.

The Financing Behind the Purchase

Adding another layer of intrigue to this sale is the financing arrangement that has been put in place for the buyer. The managing director with IPA Capital Markets, a division of Marcus & Millichap, arranged a favorable five years of interest-only acquisition financing for the buyer. Although the name of the buyer remains undisclosed, the deal is certainly set to make waves in the local rental market.

Why This Matters

So, why should the residents of Greenwood County care about this sale? It’s simple: as the local real estate market continues to flourish, investments like the Heritage Portfolio can contribute to the growth and vibrancy of the community. Increased property management expertise, improvements in facilities, and a competitive rental market are all positive outcomes that stem from such significant transactions.

In the coming months and years, we may see transformations in the neighborhood around these properties as new owners take the reins. This latest development sets the stage for even more opportunities for residents and investors alike. With the real estate scene more vibrant than ever, stay tuned for what’s next in Greenwood County!

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Additional Resources

• The State: Greenwood County Hits Big with $24.34 Million Multifamily Property Sale
• Wikipedia: Real Estate in the United States
• World Atlas: 9 Best Places to Live in South Carolina in 2025
• Google Search: South Carolina Real Estate Market
• Forbes: Best Employers by State
• Encyclopedia Britannica: Real Estate
• Greenville Business Mag: Top Workplaces in South Carolina
• Google News: Greenwood County Real Estate
• Greenville Online: Forbes Names SC Companies Among 2024’s Best
• Google Scholar: Real Estate Investments South Carolina