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G&E Realty Acquires S.C. Property for TIC Avenue

Grubb & Ellis Realty Investors has acquired Plantations at Haywood, a 562-unit Greenville, S.C., multifamily property, from Simpson Housing on behalf of tenant-in-common investors.

The real estate investment subsidiary of Santa Ana, Calif.-based Grubb & Ellis did not disclose the acquisition price for the 662,000 sq. ft. property, or the number of TIC investors participating in the deal. Financing for the acquisition was arranged by Wachovia Bank.

Jeff Hanson, president and chief investment officer of Grubb & Ellis Realty Investors, notes, “The low vacancy rates among Greenville apartment communities, as well as the property’s exceptional location in a growing market make this asset an attractive opportunity for our tenant-in-common investors.”

The property consists of 40 residential buildings, as well as a leasing center and club house. It was built in three phases in 1981, 1991 and 2001.

Community amenities include three swimming pools, three tennis courts, a fitness center and a sports court with walking track. There are also 902 parking spaces at the property.

Occupancy at the property is 96%. The vacancy rate for Greenville apartment properties declined to 7.7% in the fourth quarter of 2007, from more than 12% in the first quarter of 2005, G&E Realty Investors reports, citing REIS data.

Plantations at Haywood is located about two miles from downtown Greenville.

Dean Smith of Apartment Realty Advisors represented Simpson Housing on the deal.

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