redIQ Deal Highlight: Ballast Rock Acquires Bentree Apartment Homes
redIQ Deal Highlight: Ballast Rock Acquires Bentree Apartment Homes
redIQ would like to congratulate the team at Ballast Rock Asset Management for finalizing the acquisition of Bentree Apartment Homes in Florence, South Carolina. The 132-unit property was built in 1981 and purchased from the original owner for $10.5 million. Bentree is a short drive away from the largest employer in Florence, two highways, and shopping centers.
Florence County, South Carolina, is home to over 136,000 residents, two hospital systems, and employers, including GE Healthcare, Honda, and QVC. In 2022, South Carolina was the fourth most popular state for transplants within the United States, after Florida, Texas, and North Carolina. Other recent transactions in South Carolina include the acquisition of a development site for The Darby by Atlas Real Estate Partners and FIDES Development, and the recapitalization of Enclave at Bailes Ridge by Sterling Group.
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