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225 Milliken St, Spartanburg, SC 29307
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LOCATION
Wright State University (WSU)'s Dayton Campus is located in Fairborn, OH, a suburb of Dayton and within a two-hour drive of several major metro areas, including Cincinnati, Columbus, and Indianapolis. Surrounded by lush, green forests, WSU is spread out over 634 acres of space in the Miami Valley Region of southwest Ohio.
The Opportunity
Berkadia is pleased to present Elysian at Sunset, a 384-unit core multifamily community in Las Vegas, Nevada. Completed in 2023, Elysian at Sunset sets the standard with opulent, high-end finishes and an exceptional array of upscale amenities underscored by a posh 9,000 square foot clubhouse. This powerful combination has fueled extraordinary demand. Las Vegas features one of the leanest incoming supply pipelines among major MSAs with only 4.4% of units under construction and 0.6% of new supply projected in 2026. Go-forward rent growth is projected to continue to outpace the broader US, driven by the muted supply and continued strength of the local economy. Population and employment is projected to grow by 9.5% and 8.6%, through 2028 respectively.
Elysian at Sunset boasts a phenomenal Spring Valley location, situated along the 215 Beltway between Buffalo and Durango Drives. Residents of the community are surrounded by multiple mixed-use entertainment venues and employment centers, including UnCommons, UNLV Tech Park, UFC Apex, and the recently completed Durango Casino and Resort. Most significantly, within a five-minute walk from Elysian at Sunset, is the site for the proposed $8.5 billion Warner Bros. Studios Nevada.
Elysian at Sunset offers investors a distinctive opportunity to invest in a highly stable and exceptionally located luxury multifamily community.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Investment Advisors
Mortgage Bankers:
DaVE Lansbury
Senior Managing Director 843.806.4399 david.lansbury@berkadia.com
DRE License #95120
Jim Sewell
Senior Managing Director 843.806.4400 jim.sewell@berkadia.com DRE License #41360
Erika Maston
Managing Director 843.806.4394
erika.maston@berkadia.com DRE License #121194
Office location
774 South Shelmore Boulevard Suite 105
Mt Pleasant, SC 29464
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QUICK STATS
939 SF
AvG. Unit Size
2023
COMPLETED
297
UNITS
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Prime Eastside Location in the Expanding City of Spartanburg
Situated just minutes from downtown Spartanburg in the prestigious Fernwood-Glendale neighborhood, The Lively Drayton Mills is poised for sustained above-market rent growth. High-quality retailers like The Fresh Market, Publix, Panera Bread, and Chick-Fil-A are all within a mile of the property.
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Sustainable Rent Growth Path The Lively Drayton Mills is a unique Class A multifamily opportunity with minimal near-term competition. High development barriers in the submarket are evident, with only 14% of Spartanburg County's multifamily supply pipeline within city limits and just two multifamily projects scheduled for delivery by 2026 within three miles of the property.
Tax Abatement Boosts NOI
The Lively Drayton Mills enjoys a tax abatement from Spartanburg County, boosting the property's annual NOI by up to $400,000. Considering the typical real estate tax burden in South Carolina and Spartanburg County, this presents an excellent opportunity for above-market, risk-adjusted cash flows.
Thriving I-85 Corridor Promises Exceptional Job Growth The Greenville-Spartanburg market, with over 267M square feet of industrial space, is among the fastest-growing in the U.S. Home to major employers like BMW, Adidas, Michelin, Amazon, and Ryobi, the market is poised to expand by an additional 10.5M square feet in 2024, ensuring continued job announcements and growth.
Education and Healthcare Fuel Spartanburg's Growth
Spartanburg hosts seven colleges and universities, educating over 15,000 students, including notable institutions like Wofford College, Converse University, and South Carolina Upstate, all within six miles of the property. The Lively Drayton Mills is also strategically located between two major regional hospitals - Mary Black Hospital (207 beds) and Spartanburg Regional Hospital (747 beds) - which together employ over 8,000 people and are both within a six-minute drive.
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© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage company business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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