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Marcus & Millichap Closes Three-Property Multifamily Portfolio Sale in North Charleston

January 13, 2022

NORTH CHARLESTON, S.C., Jan.13, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-property, 430-unit multifamily portfolio in North Charleston, South Carolina. The portfolio sold for $68,845,001, which equates to $160,105 per unit and a 3.4% cap rate after tax adjustment.

“North Charleston’s limited supply of Class B assets are achieving historically high occupancy rates as the submarket continues its rapid pace of economic growth,” said Ian Turnbull, senior associate in Marcus & Millichap’s Charleston office. “This well-maintained, early 2000s-built portfolio gives the buyer the opportunity to increase revenue significantly by completing a targeted interior renovation plan.” Turnbull, Jim Davis, Nate McDaniel and William D. Graves Jr., represented the seller, the developer of the properties, and procured the buyer, a private investor.

 

The properties are:

 

  • Summerfield Apartments, 152 units built in 2009, $24,730,667
  • Willow Ridge Apartments, 145 units built in 2002, $22,475,000
  • Dove Creek Townhomes, 133 units built in 2010, $21,639,334

 

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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