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Baltimore’s CRC Invests $56M, Adds Multifamily to Growing List of Charleston Assets
Baltimore, MD-based Continental Realty Corporation has acquired its fifth property in the Charleston, SC area with the $55.5-million purchase of Sweetgrass Landing Apartments in Mount Pleasant.
CRC acquired 175 of the property’s 200 apartment units, with the remaining 25 consisting of privately-owned condominiums.
Developed in 2001, the two-story, 14-building community was 96% leased at the time of the off-market transaction. Tai Cohen of Cushman & Wakefield represented the seller, Chaucer Creek Capital.
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. The transaction follows the fund’s recent purchase of The Six Apartments, a 92-unit community also located in Mount Pleasant. Other Charleston-area assets owned and managed by CRC include Mount Pleasant Towne Centre, Central Island Square and West Ashley Shoppes, a nearly 140,000-square-foot neighborhood retail center in Charleston.
- ◦Sale/Acquisition
