**BridgeGaps Acquires Spartanburg Multifamily Property for $53 Million**
Orange Capital Partners has sold The Lively Drayton Mills, a 297-unit garden-style apartment community in Spartanburg, South Carolina, for $53 million. At the time of the transaction, the property was 92% occupied. BridgeGaps Real Estate was the buyer in the deal.
Walker & Dunlop arranged $40 million in acquisition financing, including a $31 million Freddie Mac loan and a $9 million preferred equity investment provided by W&D Investment Partners.
The sale was brokered by David Lansbury, Jim Sewell, and Erika Maston of Berkadia Charleston, who represented the seller. “The developer was able to utilize mill tax credits, deliver affordable units, and navigate through a supply-heavy market,” said Sewell. Historically, Spartanburg was recognized as a textile mill hub.
Constructed in 2023 and located at 225 Milliken Street, The Lively Drayton Mills features amenities such as a fitness center and a pet spa, reflecting modern rental expectations in this emerging market.
