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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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