BridgeGaps Picks Up Spartanburg Rental Asset for $53M

BridgeGaps Picks Up Spartanburg Rental Asset for $53M
News| June 6, 2025| Mike Boyd
Atlanta & Southeast + Apartment Buildings

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. 

Other News

Greystar, Vantage Acquire Chamblee Property for 340-Unit Multifamily Community

Atlanta & Southeast + Apartment Buildings

Greystar has plans to build a 340-unit apartment complex in Chamblee. The company spent $11.5 million on 7 acres at 5220 Peachtree. Chamblee officials selected the two firms in 2024 to pursue the project that was previously on city land. The Downtown Development Authority was the seller. The Atlanta Business Chronicle reports that Greystar is...

Learn more

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up