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.