The sale of the Farmhouse of Easley was the successful culmination of a targeted marketing effort by CBRE and represents the most significant multifamily sale in Easley to date. Easley is an emerging Pickens County suburb west of Greenville, South Carolina.
Built around a former train depot, Easley draws visitors to its burgeoning downtown district and a popular rail trail. Located at the base of the Blue Ridge Mountains, Easley’s proximity to waterfalls and hiking trails appeals to residents who enjoy outdoor adventure.
The 224-unit multifamily property closed early in its lease-up phase at less than 40% occupancy, demonstrating the buyer's belief in the potential of the growing Easley market. In recognition of its overall impact on the Greenville market, the lease has been selected as the winner of the 2024 CoStar Impact Award as judged by a local team of real estate professionals familiar with the market.
Orange Capital Advisors of Orangeburg, South Carolina, sold the newly built apartments to Connecticut-based Hamilton Point Investments, a real estate private equity investment company that owns and manages multifamily apartment properties, manufactured housing communities and hotels.
HPI invests through investment funds it raises from individual accredited investors through a group of independent broker-dealers and registered investment advisors. The firm was founded in 2009 by J. David Kelsey and Matthew A. Sharp. It has acquired more than 150 properties for $3.4 billion since inception and has over 250 employees.
About the Project: The Farmhouse at Easley sold for $40.35 million or $180,134 per unit.
What the Judges Said: "The sale of this beautiful new multifamily investment helped instill fresh activity in the Easley market," noted Matt Foster, founder and resident property management for Caroline Moves. "This was an impressive sale of an interesting asset pre-stabilization in an emerging market area," added Dustin Read, director of the Master Real Estate Development Program at Clemson University.
They Made It Happen: Senior Vice Presidents David Lansbury and Jim Sewell along with Vice President Erika Maston, all with CBRE and based in Charleston, South Carolina, served as the listing brokers.
CoStar Market Manager Amanda Thomas contributed.