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Mauldin apartment complex sells for $13.5M

Real Estate - Commercial
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Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s multifamily division represented 771 East Butler Investors LLC in the sale of Terrace at Butler Apartments on East Butler Road in Mauldin. Birmingham, Ala.-based Engel Realty purchased the property for $13.5 million.

Terrace at Butler Apartments is a 132-unit multifamily apartment complex that was built in 1999-2000. It was 94% occupied at the time of sale, according to a news release.

“Engel Realty is excited to be in the Greenville MSA with the acquisition of Terrace at Butler. With Engel’s principals having previous ownership experience in the Greenville market, Engel has been active in pursuing real estate investment opportunities in Greenville and will continue to do so,” said Michael E. Spiker, executive vice president real estate investments at Engel Realty, in the release.

“This transaction represents one of the higher recent trade prices per apartment unit in the city of Mauldin. The growth of the Butler Road interchange on the I-385 corridor has improved real estate values across the board,” Bonitati said, in the release.

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