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Eller Capital Enters Charleston Market with $130M Portfolio Acquisition
Eller Capital Partners has paid $130 million for a portfolio of three multifamily communities in the Charleston area.
The purchase of ARIUM North Charleston (192 units on 14.5 acres), ARIUM St. Ives (248 units on 16.5 acres) and ARIUM Mount Pleasant (240 units on 23) acres marks the initial investments in Charleston for the Chapel Hill-based company.
“We are incredibly excited to enter the Charleston market with the acquisition of three well located and well-maintained assets that have a long history of institutional ownership,” said Daniel Eller, CEO of Eller Capital Partners. “Rent growth in Charleston has outpaced every major market in the Carolinas over the last eighteen months and we expect the market to outperform as the recovery continues.”
The Charleston area has experienced nearly 17% rent growth over the last twelve months, outpacing the nationwide average by 6%, according to CoStar.
Cushman & Wakefield represented the seller in the transaction.
- ◦Sale/Acquisition
