CHARLESTON, S.C. – August 7, 2018 – Berkadia announced today the $16.7 million sale of Abbey Court, and the $31 million sale of Legends at Charleston Park, two garden-style multifamily properties in Belmont, North Carolina and North Charleston, South Carolina, respectively. Managing Director Mark Boyce and Associate Director Blake Coffey of Berkadia’s Charleston, South Carolina office led both sales.
Berkadia completed the sale of Abbey Court on behalf of the seller, American Residential Investment Management of Raleigh, North Carolina. The buyer was Napali Capital, LLC of Southlake, Texas. The deal closed on July 31.
“Abbey Court has historically been a well performing and well-maintained asset,” said Boyce. “Napali Capital will continue with that trajectory and can implement a light value-add strategy to the interiors as they move forward with the ownership. This transaction is a great example of the demand we’re seeing for quality multi-family assets in secondary markets of major southeastern cities.”
The Legends at Charleston Park sale was completed on behalf of the seller, United Residential Properties, LLC of Macon, Georgia. The buyer was Fogelman Properties of Memphis, Tennessee, and the deal closed on August 1.
“Legends at Charleston Park represented a great opportunity for Fogelman to acquire a well-constructed asset exhibiting strong performance in an increasingly growing area of North Charleston,” said Boyce. “We continue to see strong demand for well-located multifamily assets throughout the Carolinas.”
Located at 199-15 Belmont Mount Holly Road in Belmont, North Carolina, Abbey Court features 176 units with one- and two-bedroom floor plans that include dishwashers, washer and dryer connections and balconies or patios. Community amenities include a pool, a playground, a grilling and picnic area and a laundry facility. Abbey Court is in close proximity to U.S. Highway 273 and just minutes from Interstate Routes 85 and 485, which lead to numerous restaurants, shopping centers, retail shops and recreation facilities.
Located at 8850 Dorchester Road in North Charleston, South Carolina, Legends at Charleston features 232 units with one-, two- and three-bedroom floor plans that include washer and dryer connections, screened-in porches and black General Electric appliances. Community amenities include a playground, a barbecue station, a clubhouse, a fitness center, a pool and garages. The property is minutes from Frankie’s Fun Park amusement center, affords convenient access to U.S. Highway 642 and has numerous restaurants and shopping centers nearby.