A pair of apartments in the Charleston area recently changed hands in separate transactions.
Real estate investment firm based in Ohio CREC Real Estate recently partnered with Rincon Capital Partners of Miami and Colombia, South America, to purchase the 96 units Planters Trace Flats at 2222 Ashley River Road off the Mark Clark Freeway for nearly $18 million, according to Charleston County Land Records.
The new owners said they plan to invest $2.8 million to improve common areas, amenities and unit interiors on the 10.6-acre site, where the Class B apartments were built. in 1974.
Current rents start at $1,265 per month for a one-bedroom unit, according to the apartment complex’s website.
“The area around Charleston is seeing a demand for quality apartments, and hiring and investment trends indicate that this need will remain strong for the foreseeable future,” said Aaron Dixon, president of CREC. “Our company’s investment strategy focuses on improving the marketability of the property through targeted capital improvements.”
The 130 units also changed hands recently Lakewood Lodge multi-family property at 6000 Mabeline Road in Hanahan.
Based in Virginia Cohen Investment Group paid $24.44 million for the property, according to a commercial real estate company Berkadiawho handled the sale for the seller, Eskay Management from New Jersey. The deal also involved $19.2 million in funding from Premium Financeaccording to Berkadia.
The Berkeley County rental property offers one- and two-bedroom units with private patios. Amenities include a swimming pool, fitness center, business center, clubhouse, playground, and laundry facilities.
Monthly rental rates range from $1,299 to $1,489, depending apartments.com.
Four decorated model homes are now available in a planned community of 387 homes on Johns Island.
Coastal models are in Houses of Pulte‘ farm Sea Island Reserve development with estate-sized single-family residences on Sea Island Parkway near Main Road.
The four new model homes are among 11 floor plans on offer, ranging from 1,600 square feet to over 3,000 square feet. Prices range from $400,000 to $500,000.
The builder releases nine residential sites each month in the community with 360 acres set aside for conservation.
“Demand has been extraordinary, with land being snapped up by interested buyers almost as quickly as it is released,” said Jacob Reynolds of Pulte.
Model homes are open by appointment only. Visit pulte.com for more details.