ATLANTA and CHARLESTON, S.C. — November 16, 2021 — Berkadia announced today the $76 million sale of West Ashley Portfolio, a three-property multifamily portfolio located in Charleston, South Carolina. Senior Managing Directors Paul Vetter and Andrew Mays of Berkadia Atlanta and Managing Director Mark Boyce and Director Blake Coffey of Berkadia Charleston completed the sale on behalf of the seller, Georgia-based Radco Companies. The buyer was BFG Investments, also based in Georgia, and the deal closed on November 1.
“This portfolio was very well located inside the continuously growing West Ashley sub-market of Charleston,” said Boyce. “The three assets have undergone renovations and the buyer will be able to continue with those improvements moving forward.”
The three properties within this portfolio include:
Ashford Palmetto Square is located at 1551 Sam Rittenberg Blvd. The 139-unit property features one- and two-bedroom floor plans with ceiling fans and large closets. Community amenities include a swimming pool, a dog park, laundry facilities and barbeque picnic area.
Ashford Riverview is located at 1476 Orange Grove Road. The 161-unit property features one, two- and three-bedroom floor plans with dishwashers, ceiling fans and large closets. Community amenities include a swimming pool, a fitness center, a business center, laundry facilities, a dog park and a barbeque picnic area.
Radius at West Ashley is located at 2040 Ashley River Road. The 198-unit property features one, two- and three-bedroom floor plans. Community amenities include a swimming pool, a fitness center, a business center, laundry facilities and a barbecue picnic area.
All three properties afford residents convenient access to Citadel Mall, West Ashley Park and the shops and restaurants along Route 7, Route 61 and Savannah Highway.