CHARLESTON, S.C. – November 12, 2020 – Berkadia announced today the sales of two multifamily properties, Palmetto Creek in North Charleston, South Carolina and Georgetown Woods/Waterford Plantation in Savannah, Georgia. Managing Director Mark Boyce and Director Blake Coffey of Berkadia’s Carolinas office completed both sales on behalf of their respective sellers.
“Palmetto Creek and Georgetown Woods/Waterford Plantation were great assets to work on. Both are well-located in the extremely sought-after sub-markets of Charleston and Savannah. Our team continues to see strong demand from the buyer pool to enter these markets and both of these transactions are excellent examples,” said Boyce.
Palmetto Creek, located at 3311 Mountainbrook Ave., was sold by Texas-based Lurin Capital. The buyer, Washington D.C.-based Brick Lane, purchased the property for $33,280,000—$128,000 per unit—and the deal closed on November 10.
The 260-unit property features townhouse-style units, of which, roughly 75 percent are newly renovated. Community amenities include a swimming pool, a fitness center, a playground and an outdoor area with grilling stations. Residents are afforded convenient access to Interstate 26 and the shops and restaurants along Ashley Phosphate Road.
Georgetown Woods/Waterford Plantation was purchased by Texas-based Napali Capital for $33,800,000—$136,290 per unit. The seller was South Carolina-based Waterford Plantation, LLC., and the deal closed on November 10.
Located at 1 Saint George Blvd. in Savannah, Georgia, the 248-unit property features unrenovated one-, two- and three-bedroom floor plans with large closets and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a clubhouse and tennis courts. Residents are afforded convenient access to the shops and restaurants along Abercorn Street.