Northmarq arranges $49.25 million sale, acquisition financing of Ryder Junction apartments in Greer, SC

GREER, S.C. (Dec. 9, 2024) — Northmarq’s Carolinas Multifamily Investment Sales team of Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn, and Austin Jackson successfully completed the $49.25 million sale of Ryder Junction, a 264-unit multifamily community located at 900 Conductor Circle in Greer, South Carolina.

Northmarq represented the seller, Proffitt Dixon Partners. The buyer was The Beach Company.

“Ryder Junction offers new owners the chance to acquire a Class A community in a rapidly growing submarket,” Howard said. “Conveniently located near I-85, it provides access to nearly 100,000 jobs, bolstered by major investments in BMW’s Spartanburg campus and GSP International Airport. With stabilized operating fundamentals and limited future inventory, the property is poised to deliver strong long-term returns.”

Northmarq’s Carolinas Debt + Equity team led by Faron Thompson, Grant Harris and Cabell Thomas collaborated on the deal. Northmarq arranged financing on behalf of the borrower, The Beach Company, through its in-house Fannie Mae DUS platform. The $31.675 million permanent-fixed loan was structured on a five-year term.

“With the high quality of the sponsorship and real estate, this transaction was able to garner some of the strongest terms we have seen from Fannie Mae this year,” Harris said. “This helped mitigate the continued rate volatility the market is experiencing.”

Built in 2023 and located in the Greenville submarket, Ryder Junction features one-, two- and three-bedroom featuring open floor plans, washer and dryer, grey cabinetry, tile backsplashes, plank-style flooring, granite countertops and stainless-steel appliances.

Community features include a clubhouse, resort-style pool, dog park and dog wash station, outdoor grilling areas, conference room and co-working suites, game and Wi-Fi lounge, electric vehicle charger, modern fitness center with flex studio, covered outdoor lounge with a fireplace, and available detached garages.

Ideally located in the heart of Greer, the apartment community boasts proximity to downtown Greenville, Greenville-Spartanburg Airport, and Prisma Health Greer Memorial Hospital. It is nearby food options, arts and entertainment, nightlife, outdoors and recreation, shopping and more.