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Berkadia Brokers $33M Sale of Charleston MF Property

Berkadia has arranged the $33.2 million sale of Palmetto Creek, a 260-unit multifamily property in North Charleston. Mark Boyce and Blake Coffey of Berkadia’s Carolinas office represented the seller, Texas-based Lurin Capital, in the transaction. The buyer was Washington D.C.-based Brick Lane.

Located at 3311 Mountainbrook Ave., the property features townhouse-style units, of which, roughly 75% are newly renovated. Community amenities include a swimming pool, fitness center, playground and an outdoor area with grilling stations. Residents have access to nearby Interstate 26 as well as the shops and restaurants along Ashley Phosphate Road.

Additionally, Boyce and Coffey also recently brokered the sale of Georgetown Woods/Waterford Plantation, a 248-unit multifamily property in Savannah, GA for $33.8 million. The community was acquired by Texas-based Napali Capital. The seller was South Carolina-based Waterford Plantation LLC.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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