Lee & Associates Closes Deal on Upstate Multifamily Gem

UPSTATE, S.C. – January 19, 2023

Today, Lee & Associates Charleston announced the sale of Cheslyn Place, a 98-Unit Rental Community located in Spartanburg, SC. Lee & Associates agents Jon-Michael Brock, Milton Thomas and Thomas Fawcett represented the seller, I & A Properties, in the $22,200,000 transaction.

Cheslyn Place is an Upstate rental community currently that features 98 newly constructed units. Each unit is approximately 1,366 square feet and has 3 bedrooms and 2.5 bathrooms. Homes include attached single-stall garages, front and back patios, ground floor private entries, high-end finishes, and no neighbors above or below.

Located just minutes from Downtown Spartanburg, the property provides convenient access to leading retail centers, a variety of entertainment options, and numerous top employers. The Cheslyn Place rental community provides a premier Upstate location.

Developer and Property Manager I & A Properties was very active in the pre-leasing of the community, and the homes were almost fully leased by the time the final unit was delivered midway through 2022. The sought-after combination of new-construction, affordability, and prime location clearly differentiated Cheslyn Place from nearby competition.

Along with these superb property intangibles, ownership lauded the Lee & Associates team and their role in the sale process.

“The team at Lee & Associates was an easy pick over their competitors,” said Ivan Grek, owner of I & A Properties.

“It was obvious they did their homework and came prepared with a well-thought-out marketing strategy for this project. They are entrepreneurs at heart and looked out for my best interest throughout the entire process.”

The property was acquired by Exponential Equity, LLC.

Contact Information

Jon-Michael Brock
Vice President
843.203.1056
JMBrock@Lee-Associates.com

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