CBRE has facilitated the sale of Crestmont at Thornblade, a 266-unit apartment community located at 75 Crestmont Way in Greenville, SC, less than one mile from Interstate 85 and 15 minutes from downtown Greenville. Surrounded by wooded, mature landscaping, the value-add property is situated within one of Greenville’s most affluent neighborhoods.
CBRE’s Phil Brosseau and Kevin Kempf represented the seller, a joint venture between Magellan Investment Partners and Walton Street Capital, in the transaction. CBRE’s Nate Sittema, Kristen Reilley and Jason Gaccione led the capital markets efforts to secure a Freddie Mac loan for the buyer, a joint venture between Blackmount Real Estate Partners and BRT Apartments Corp.
“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. In the past ten 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,” said Kevin Kempf, senior vice president at CBRE. “Crestmont at Thornblade is an ideal candidate for a value-add program with proven premiums and upside remaining in 90% of the units.”
Built in 1998, Crestmont at Thornblade has an expansive amenity package, which includes a resort-style swimming pool, two lighted tennis courts, grilling area with picnic tables, playground, car care center and a fitness center with cardio and strength equipment. The community is controlled access with private garages available.