Q2 2012 Greenville, South Carolina Apartment Property Sales Analysis

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Q2 2012 Greenville, South Carolina Apartment Property Sales Analysis


Apartment sales, on the other hand, soared in the second quarter with eight deals—as many as in all of 2009, 2010, and 2011 put together. The properties sold for a total of $87 million, at an average price of $43,000 per unit, and a mean cap rate of 7.9%. This pulled the rolling 12 month cap rate up 180 basis points to 6.8%, a trend that implies that less prestigious properties suddenly have started to sell. In the quarter’s leading deal, the 496-unit Haven at Oak Forest in Spartanburg sold for $27.1 million ($54,700 per unit) in April. Johnson Development Associates sold it to The Praedium Group.