Orange Capital Partners offloaded a 297-unit garden-style apartment in Spartanburg for $53 million. The Lively Drayton Mills was 92% occupied at the time of the sale. BridgeGaps Real Estate was the buyer.
Walker & Dunlop arranged $40 million in acquisition financing for the rental asset, which comprised a $31 million Freddie Mac loan and a $9 million preferred equity investment from W&D Investment Partners.
David Lansbury, Jim Sewell, and Erika Maston of Berkadia Charleston led the transaction on behalf of the seller. “Jim Sewell added, “The developer was able to utilize mill tax credits, deliver affordable units and navigate through a supply-heavy market.” At one time, Spartanburg was known mainly as a textile mill town.
Located at 225 Milliken St, The Lively Drayton Mills was built in 2023 and has features like a fitness center and a pet spa.
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