BEACH REAL ESTATE FUNDS ACQUIRES SUMMERVILLE, S.C. APARTMENTS
resort-style pool, outdoor lounge area, fitness center and dog park
Beach Investment Fund LP, through its manager, Beach Real Estate Funds (“BREF”), both affiliates of The Beach Company, announced the acquisition of Summerville Station, a 200-unit garden-style multifamily community in Summerville, South Carolina.
Located at 1660 Old Trolley Road, Summerville Station is strategically positioned within the MSA’s top-ranked school district and near major employers including Bosch, The Boeing Company and Mercedes-Benz.
“Summerville Station presents a fantastic opportunity to capitalize on Summerville’s growth,” said Teddy Hendricks, who leads BREF’s Asset Management Division. “The micro area in particular is seeing pronounced growth, attracting high-quality national retailers such as Lowe’s Foods. By undertaking a modest interior and exterior renovation program, we’re confident we can curate a product attractive to those who want affordable access to great schools, jobs and retail options.”
Built in 1980, the stabilized property features 200 units averaging 952 square feet and an amenity package that includes a resort-style pool, outdoor lounge area, fitness center, tennis court and dog park.
“Despite some uncertainties with macro factors, we found this property to be particularly resilient to many of the perceived headwinds in the national marketplace,” said Leonard Way, BREF’s Senior Vice President and Fund Manager. “We look forward to beginning our renovation program and improving the asset to the betterment of both our tenants and investors.”
This transaction represents the fourth acquisition in the Beach Investment Fund. David Lansbury and Jim Sewell, CBRE’s Charleston-based multifamily professionals, facilitated the sale on behalf of the Seller, PRG Real Estate. BREF’s Acquisitions Manager, Darby Parker, facilitated the transaction on behalf of the Buyer. CBRE’s Nate Sittema and Kristen Reilley placed the Agency Financing.