January 28, 2022
CRC Adds To South Carolina Portfolio With $28.25 Million Purchase Of The Six Apartments
92-unit upscale multifamily community located in Mount Pleasant is 97% occupied
BALTIMORE, MD (January 28, 2022) – Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has expanded its South Carolina portfolio with the $28.25 million acquisition of The Six Apartments, a 92-unit community located at 2170 Snyder Circle in Mount Pleasant. Developed by an affiliate of Origin Development Partners, LLC, the three-story boutique-style garden community was 97% occupied at the time of this off-market transaction. Tai Cohen of Cushman & Wakefield represented the seller.
The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. This acquisition represents the fifth multifamily community acquired by the Fund following last year’s $76 million purchase of The Reserve at Mayfaire, a 264-unit multifamily community in Wilmington, North Carolina. The Fund has now acquired 13 assets since it was formed in 2019.
Other South Carolina-area assets owned by CRC include Mount Pleasant Towne Centre, a 510,000 square foot open-air regional shopping venue in Mount Pleasant acquired for approximately $147 million in 2020, and Central Island Square, a mixed-use project acquired in 2020 for $91.75 million in the 4,000-acre master-planned community of Daniel Island that contains 313 multifamily units and nearly 30,000 square feet of retail space.
One-of-a-kind asset offers boutique-style living experience
“The Six offers a boutique-style residential living experience and is indicative of the institutional-quality asset we traditionally target in our acquisition strategy. The property’s differentiated location adjacent to Six Mile Marketplace, anchored by Harris Teeter and Hobby Lobby, allows for walkability to a variety of retail amenities,” stated Ari Abramson, Continental Realty Corporation’s Vice President of Acquisitions. “We were able to successfully execute this off-market transaction based on our extensive relationships with the Charleston-area real estate community, and we intend to remain extremely aggressive in our search for similar acquisition opportunities in this region,” added Abramson.
“CRC’s use of data analytics has enabled our team to focus on submarkets like Mount Pleasant which have enticing performance trends, limited new supply, and solid long-term fundamentals,” said JM Schapiro, CEO of Continental Realty Corporation. “The Six is an outstanding addition to our portfolio, based on the quality of the asset and the continued population and employment growth expected for the immediate area,” added Schapiro.
Mix of studio, one-bedroom and two-bedroom styles feature average 774 square foot unit size
Delivered in 2018, The Six consists of studio, one-bedroom and two-bedroom floorplans ranging from 574 to 1,154 square feet of space, with a 774 square foot average unit size. Ten custom floor plans are available that all feature granite kitchen and bathroom countertops, custom cabinetry, hardwood flooring, tile backsplashes, pendant lighting, walk-in closets, ceiling fans throughout, in-unit washers and dryers, stainless-steel appliances, garden tubs and balconies.
The amenity package is highlighted by an outdoor pool and recreational area with an outdoor kitchen, movie screen wall and firepit. The community also includes a clubhouse with conference center, a stand-alone health and fitness center, pet park, bike and kayak storage area and private garages.
Sustained vibrancy and growth of Mount Pleasant trade area
Contained within the Charleston Metropolitan Statistical Area (MSA), recognized as the fourth-largest municipality in South Carolina, Mount Pleasant has a median household income that is expected to increase by 12% over the next 12 years to more than $110,000. Nearly 420,000 people reside within a 30-minute drive from The Six and average household incomes approach $94,000. The residential population has expanded by 54% since 2000 and future growth is projected to significantly outpace the national average.
The Six is near the major employment centers of Charleston and North Charleston, with top employers including Joint Base Charleston (36,000 employees), Medical University of South Carolina (13,000 employees), The Boeing Company (8,200 employees) and the Berkeley County School District (approximately 7,000 employees). Nearly seven million tourists visit the area annually, supporting an industry that injects more than $7 billion into the local economy.
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately-held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across ten states, with a portfolio value exceeding $3 billion.
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