Algenon Cash, managing director of Wharton Gladden & Company, announces the successful acquisition of Palmetto Pointe Residences, a premier 180-unit multifamily property located in Greenville, South Carolina. This $36.8 million acquisition was completed through a strategic partnership with a national multifamily operator and management firm, reflecting Wharton Gladden’s continued focus on value-add opportunities in growing markets.

The transaction was financed with a $27.5 million bridge loan, supplemented by $9.3 million in private equity, demonstrating Wharton Gladden’s expertise in structuring deals that optimize investor returns.

Investors in this acquisition are projected to receive a preferred annual return of 11%, with an internal rate of return (IRR) exceeding 18% and a cash-on-cash return of 7%. These strong projections highlight the investment appeal of Palmetto Pointe Residences and Wharton Gladden’s ability to secure high-performing assets in competitive markets.

“We are excited to integrate Palmetto Pointe Residences into our portfolio,” said Cash. “This acquisition aligns perfectly with our strategy of acquiring properties in prime locations with significant upside potential. Our goal is to improve operational efficiency, optimize rental income, and enhance the resident experience. By executing on these initiatives, we expect to generate strong returns for our investors while positioning the asset for a successful exit within the next few years.”

Palmetto Pointe Residences is located in Greenville, one of the fastest-growing cities in South Carolina, known for its thriving economy and high quality of life. The property features modern amenities and spacious units that cater to a diverse resident base, further enhancing its long-term investment potential.

Wharton Gladden’s operating partner and management team plan to implement a range of value-enhancing strategies, including improving leasing operations and bringing rental rates in line with the current market. These initiatives are expected to significantly improve the property’s financial performance and position it for a successful exit strategy in the coming years.

This acquisition further solidifies Wharton Gladden’s reputation for identifying and acquiring high-value multifamily properties in key growth markets, while delivering strong returns for its investors.

About Wharton Gladden & Company:

Wharton Gladden & Company is a uniquely designed boutique investment banking firm that specializes in providing strategic advisory services, underwriting, capital placement and private equity for a diversified client base that includes corporations, real estate developers, financial institutions, investors, municipalities and high net worth individuals.