Press Releases
Marcus & Millichap Closes Sale and Arranges Financing for Five-Property Multifamily Portfolio in Greenwood South Carolina
March 18, 2025
GREENWOOD, S.C., March 18, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of the Heritage Portfolio, a five-property, 346-unit multifamily portfolio in Greenwood, South Carolina.
“We are proud to have represented the Heritage Company, which had owned these properties for over 40 years,” said Drew Babcock, first vice president investments in Marcus & Millichap’s Columbia office. “The portfolio and individual assets received multiple competing offers, the assets were well maintained and had high occupancy rates during the sales process.” Babcock represented the seller and procured the buyer. Robert Werhane, managing director with IPA Capital Markets, a division of Marcus & Millichap, arranged five years of interest-only acquisition financing.
The properties are: Deerfield Apartments, a 62-unit asset built in 1979; Foxfield Apartments, 113 units constructed in 1985; Huntington Apartments, 92 units completed in 1981; Trakas Apartments, a 24-unit property built in 1980; and Wood Glen Apartments, 56 units constructed in 1984.
Greenwood is the largest city and county seat of Greenwood County, South Carolina. The city is 78 miles from Columbia, 54 miles from Greenville, and Augusta, Georgia is within an hour’s drive
“We are proud to have represented the Heritage Company, which had owned these properties for over 40 years,” said Drew Babcock, first vice president investments in Marcus & Millichap’s Columbia office. “The portfolio and individual assets received multiple competing offers, the assets were well maintained and had high occupancy rates during the sales process.” Babcock represented the seller and procured the buyer. Robert Werhane, managing director with IPA Capital Markets, a division of Marcus & Millichap, arranged five years of interest-only acquisition financing.
The properties are: Deerfield Apartments, a 62-unit asset built in 1979; Foxfield Apartments, 113 units constructed in 1985; Huntington Apartments, 92 units completed in 1981; Trakas Apartments, a 24-unit property built in 1980; and Wood Glen Apartments, 56 units constructed in 1984.
Greenwood is the largest city and county seat of Greenwood County, South Carolina. The city is 78 miles from Columbia, 54 miles from Greenville, and Augusta, Georgia is within an hour’s drive
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
