NKF has brokered the $33.9 million sale of The Tradition at Summerfield, a 232-unit garden-style multifamily community in the Charleston suburb of Summerville.

Located at 325 Marymeade Dr., the community is nearby the shops and restaurants of downtown Summerville. Features include high-end interior finishes, high ceilings and open floor plans. The new owners, American Landmark Apartments, plan to re-brand the asset to Bryant at Summerville.

Alex Okulski and Sean Wood of NKF represented both the seller, Carter Haston Real Estate Services, and the buyer, American Landmark Apartments, in the transaction. Additionally, Bill Weber, Matt Mense and Henry Stimler of NKF’s Multifamily Capital Markets group secured $24.5 million in acquisition financing for the buyer from a bank. Terms included upfront and renovation funding, as well as the ability to secure additional earn-out proceeds in the future.

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