Carolina MF Investments Pays $22M for Charleston Multifamily Community
Carolina Multifamily Investments has purchased Avalon at North Charleston III (formerly Willow Ridge), a 145-unit townhouse community in Charleston, SC, for $22.4 million.
Electra Capital, LLC, secured a $16.9 million bridge loan on behalf of the buyer. “Charleston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital.
Located at 7604-7749 Warsaw Road, Avalon at North Charleston is a newly renovated townhome community offering one and two-bedroom apartment homes ranging from 688 square feet to 1,196 square feet. The property is situated between Boeing, Bosch and the Charleston Air Force Base.
- ◦Sale/Acquisition
- ◦Financing