MAULDIN, S.C., Aug. --, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Terrace at Butler, a 132-unit multifamily asset in Mauldin, South Carolina. The property sold for $16.5 million, which equates to $125,000 per unit.
“Terrace at Butler’s Greenville metropolitan area location provides it with great long-term growth potential,” said Drew Babcock, CCIM, first vice president investments in Marcus & Millichap’s Columbia office. “The property is highly visible from a major thoroughfare and convenient to several retail corridors.” Babcock facilitated the transaction between the buyer, Southwood Realty, and the seller, Birmingham-based Engel Realty.
Built in 1997 on nine acres, the property is close to The Shops at Greenridge and other shopping, dining and entertainment establishments on Woodruff Road. Interstates 385 and 85 are nearby and Downtown Greenville and Hubbell Lighting Inc. are 10 miles away.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.