Machine Investment, Prospect Lane JV acquires 877-unit, 7-property value-add South Carolina portfolio for $70.1M ($79,931/unit) from GVA

9/4/2024

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MHN

• Subcategory: MF: Market Rate

• Tag: JV-Partnership | Sale

• Additional Filters-Subcategory: MF: Garden

• Additional Filters-Tags: Sale: Investment, Sale: Portfolio

• Company: Jones Lang LaSalle (NYSE: JLL)

New York-based companies Machine Investment Group and Prospect Lane have secured $53.4 million in bridge financing for the $70.1 million acquisition of a portfolio in South Carolina. Syndicator GVA Real Estate Group previously owned the seven assets, which are located in Spartanburg and Mauldin, S.C. The properties were built between 1971 and 1986 and total 877 units.