562-Unit South Carolina M-F Trades in TIC Transaction
- Jul 11, 2008
The apartment community known as Plantations at Haywood in Greenville, S.C., has just come under new ownership. Grubb & Ellis Realty Investors L.L.C., acting on behalf of tenant-in-common investors, snapped up the 562-unit property from Simpson Housing. Grubb & Ellis Realty Investors relied on Wachovia Bank to finance its acquisition of Plantations from Simpson, which turned to real estate services firm Apartment Realty Advisors for representation in the transaction. Carrying the address of 135 Haywood Crossing Dr., the complex, formerly known as Haywood Crossing & Station, is sandwiched between I-385 and I-85 about two miles form Greenville’s Central Business District. Encompassing 662,000 square feet on a 38-acre parcel, Plantations is home to 40 structures with residential units, a clubhouse, a fitness center and a leasing center. Development of the property reached completion in 2001, having been built in phases at 10-year intervals beginning in 1981. Located in a tight apartment market, the property has a current occupancy level of 96 percent. The real estate investment and asset management arm of leading commercial real estate services firm Grubb & Ellis Co., Santa Ana, Calif.-based Grubb & Ellis Realty Investors manages a $6.1 billion portfolio of assets spanning 30 states. Denver-headquartered Simpson Housing is a fully integrated real estate concern that primarily provides property management and development services for multi-family properties. The 60-year-old company has developed over 50,000 multi-family units with an aggregate value of more than $3 billion.