News Summary
BridgeGaps Real Estate, a New Jersey-based private equity firm, has acquired the Lively Drayton Mills apartment complex in Spartanburg, SC, for $53 million. The 297-unit property, which boasts a 92% occupancy rate, will be managed by Brookside Properties. This acquisition is part of BridgeGaps’ strategy to enhance property values and follows a previous investment of $50 million in the project. The area continues to see significant development, contributing to South Carolina’s projected population growth.
Spartanburg, South Carolina – BridgeGaps Real Estate, a private equity firm based in New Jersey, has completed the acquisition of the Lively Drayton Mills apartment complex for $53 million. The purchase took place on May 21, 2024, from Orange Capital Advisors, an Orangeburg-based developer.
The Lively Drayton Mills complex comprises 297 units situated at 225 Milliken Street and boasts a strong occupancy rate of 92% at the time of the sale. The Nashville-based company, Brookside Properties, will manage the property moving forward. Managing partner at BridgeGaps Real Estate expressed that tenants are not expected to experience any significant changes and commended the management provided by the previous owner.
This acquisition follows an initial total investment of $50 million in the Lively Drayton Mills project. The sale was facilitated by Berkadia on behalf of the seller, with Jim Sewell serving as the senior managing director involved in the transaction. Walker & Dunlop provided the financing for the acquisition, which included a $40 million acquisition loan comprising a $31 million loan from Freddie Mac and an additional $9 million in preferred equity.
Over recent years, the Drayton area has undergone significant development. Previously a mill community, Drayton is evolving into a vibrant neighborhood filled with apartments, restaurants, and retail outlets. The Lively Drayton Mills is in proximity to the popular Daniel Morgan Trail System, which offers recreational opportunities for residents and visitors alike.
Further development in the area is on the horizon, with a new townhome apartment complex of approximately 110 units expected to break ground by the end of 2025, at an estimated cost of $22.4 million. This continued growth coincides with South Carolina’s rapid population increase, as the state is projected to be among the top three in the nation for growth in 2024. Notably, Spartanburg’s metro area ranks as the 10th fastest-growing in the United States from July 2023 to July 2024.
BridgeGaps Real Estate’s strategy typically involves enhancing the value and operational efficiency of its assets. The firm generally holds its properties for about five years before considering a sale. Apart from the newly acquired Lively Drayton Mills, BridgeGaps also owns other apartment complexes across the South, including HarborOne Apartments in Beaufort.
The Lively Drayton Mills residents enjoy various amenities including a walking/biking trail, dog park, bocce ball court, fitness center, and swimming pool. The complex’s advantageous location places it less than five miles from around 62,000 jobs and within close proximity to six colleges and universities in the area, further enhancing its appeal to potential tenants.
The combination of strategic investment in real estate, along with the ongoing development of the Spartanburg area, sets a promising landscape for not only the Lively Drayton Mills but for the region’s housing market as a whole.
Deeper Dive: News & Info About This Topic
HERE Resources
Spartanburg County Council Approves $22 Million Townhome Development
Plans for Revitalizing Pacolet’s Former Mill Site Revealed
Additional Resources
- Spartanburg Herald-Journal
- Wikipedia: Spartanburg, South Carolina
- Post and Courier
- Google Search: Lively Drayton Mills
- Greenville Business Magazine
- Encyclopedia Britannica: Spartanburg
- Rebusiness Online
- Google News: Spartanburg real estate
Author: STAFF HERE SPARTANBURG
The SPARTANBURG STAFF WRITER represents the experienced team at HERESpartanburg.com, your go-to source for actionable local news and information in Spartanburg, Spartanburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Spartanburg International Festival, Spartanburg ArtWalk, and motorsport events at Spartanburg Speedway. Our coverage extends to key organizations like the Spartanburg Area Chamber of Commerce and the Spartanburg Regional Healthcare System Foundation, plus leading businesses in manufacturing and textiles that power the local economy such as BMW Manufacturing and Milliken & Company. As part of the broader HERE network, including HEREAiken.com, HEREBeaufort.com, HEREChapin.com, HERECharleston.com, HEREClinton.com, HEREColumbia.com, HEREGeorgetown.com, HEREGreenwood.com, HEREGreenville.com, HEREHiltonHead.com, HEREIrmo.com, HEREMyrtleBeach.com, HERENewberry.com, HERERockHill.com, and HERESpartanburg.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
