CBRE Facilitates Sale Of 266-Unit Crestmont At Thornblade
Nov 08, 2018 11:42AM
By Kathleen Maris
CBRE has facilitated the sale of Crestmont at Thornblade, a 266-unit apartment community located at 75 Crestmont Way in Greenville, less than one mile from Interstate 85 and 15 minutes from downtown Greenville. Surrounded by wooded 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 percent 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.