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Baltimore’s Continental Realty Targets Carolinas with $28M Charleston Multifam
Baltimore, MD-based Continental Realty Corporation has expanded its SC portfolio with the $28.3-million acquisition of The Six Apartments, a 92-unit community located near Charleston in Mount Pleasant.
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, NC. The fund has now acquired 13 assets since it was formed in 2019.
Other SC assets owned by CRC include Mount Pleasant Towne Centre (acquired for $147 million in 2020) and Central Island Square (acquired for $91.75 million in 2020) in Daniel Island.
- ◦Sale/Acquisition
