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More than 500 apartments have changed hands in Rock Hill as part of a larger portfolio deal that closed this month.
Entities affiliated with Philadelphia-based Springer Capital paid $51.25 million to acquire two Rock Hill apartment communities, according to York County real estate records. The transactions involved Mallard Pointe, a 360-unit complex at 2361 Eden Terrace, and the 144-unit Deerfield Apartments on McGee Road. The complexes were sold by entities led by W.O. Powers in a larger portfolio deal that included eight properties and 2,164 units across South Carolina.
Real estate records show Mallard Pointe was acquired for $38.15 million. Deerfield fetched $13.1 million.
The properties will be renovated as part of their acquisition. Springer Capital now lists the properties on its website and shares an address with the buying entities.
Berkadia's Caleb Troop and Mark Boyce represented the buyer in the portfolio deal. The larger deal included other properties in the Greenville and Myrtle Beach areas.
“This transaction represents a sizable investment into the housing needs for thousands of residents throughout the Charlotte, Greenville and Myrtle Beach markets,” Troop said. “Despite higher borrowing costs, the appetite for quality multifamily communities throughout the Sunbelt remains robust, and we are excited to see what the future has in store for these well-located suburban assets throughout South Carolina.”
Springer Capital's investment strategy focuses on "finding unrealized potential in multifamily real estate" in the eastern half of the U.S., according to its website. The firm's portfolio has included assets in Alabama, Arkansas, Florida, Georgia, Kentucky, Pennsylvania, South Carolina and Tennessee.