CHARLESTON, S.C. and ATLANTA – January 24, 2020 – Berkadia today announced the $17.75 million in combined sales of Epson Oaks and Churchill Apartments, two garden-style multifamily communities in South Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Charleston office completed the sales on behalf of the seller, South Carolina-based KAH LLC. The buyer was Texas-based Napali Capital, and the deal closed on January 23.
Senior Managing Director Richard Levine of Berkadia’s Atlanta office secured $12.85 million in combined acquisition financing for Epson Oaks and Churchill Apartments through Fannie Mae on behalf of the buyer.
“This transaction was a great execution with everyone involved on the buy and sell side, along with our mortgage banking team,” said Boyce. “Both properties are in areas with strong employment and population growth, and with the majority of the units having original finishes, a light renovation strategy will be well received.”
Epson Oaks is located at 2000 Epson Plantation Drive in Moncks Corner, South Carolina and Churchill Apartments is located at 601 Old State Road in Goose Creek, South Carolina. The properties together total 144-units and both feature two- and three-bedroom floor plans with walk-in closets, vaulted ceilings and crown molding. Community amenities include laundry facilities and a playground. Residents are afforded convenient access to the area’s largest employers such as Boeing and Trident Health Center, as well as the shops and restaurants along Highway 52.