Two former Clemson football players have teamed up for what they think is a “home run” real estate investment deal, buying more than two dozen condominiums in the shadow of USC’s Williams-Brice Stadium.
Leighton Cubbage and Steve Mudge, principals in Serrus Capital Partners of Greenville, have snapped up the last 29 “cockominiums” at Carolina Walk on Bluff Road. The condo project had been floundering in a down real estate market for the past three years.
The partners will put the condos back up for sale later this month at “recession prices,” asking two-thirds of the units’ original price tags of $400,000-plus. The block of condos makes up nearly a quarter of the 125 units in the seven-story high-rise.
“This is a good time to own these things,” Cubbage said, noting USC’s national championship baseball team and its football program, which captured the SEC East division title last year for the first time. “We’re real fired up about it.”
The partners – whose board of directors includes former Carolina First chief Mack Whittle – bought the condos in a short sale. That means the bank that owned the condos agreed to accept less than it was owed. The investors paid cash, but Cubbage would not say how much.