CHARLESTON, S.C. – December 15, 2020 – 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.

About Beach Investment Fund LP. Launched in 2019, Charleston, S.C.-based Beach Investment Fund LP  is a discretionary fund that acquires and operates multifamily assets in the Southeast U.S. and aims to implement a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors.

About Beach Real Estate Funds, LLC. BREF is the Manager for the Beach Investment Fund, and oversees the operations, management, and transactional activity of Fund related assets.

About The Beach Company. Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development and property management for 75 years. Led by CEO John Darby, The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.


About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.

 

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