ATLANTA and CHARLESTON, S.C. – August 24, 2018 – Berkadia announced today the sale of Sawgrass Apartments, a 144-unit garden-style multifamily property in Charleston, South Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Charleston office led the $18 million sale on behalf of the seller, Sawgrass Investment Properties LLC. Berkadia’s Senior Managing Director John Bray of the Atlanta office secured the Fannie Mae permanent financing for the acquisition on behalf of the buyer Burlington Capital Group. The sales price reflects a per-unit price of $125,000 or $120 per square-foot. The deal closed on August 15.
Over the last few years Sawgrass has undergone a significant renovation on over 60 percent of the interiors. The new buyer will continue with this work and improve the common areas.
“Sawgrass was an excellent transaction, with both the buyer and seller working closely together to successfully close on time,” said Boyce. “The location is irreplaceable and will continue to see very strong rent growth as the buyer moves forward on the remaining renovations.”
Built in 1975 and located at 35 Crosscreek Drive, Sawgrass features one-, two- and three-bedroom floor plans with fully-equipped kitchens, balconies or patios and washer and dryer connections. Residents also have access to a clubhouse, a pool, a pet park, a playground, a laundry room and tennis courts. Sawgrass is conveniently located next to Folly Road with immediate access to the James Island Connector and Highway 17. The property is also less than 10 miles from Downtown Charleston and Folly Beach.