The InterTech Group Inc. is adding to its commercial real estate portfolio in the latest diversification play by the global conglomerate.
The North Charleston-based company said it has acquired a 346-unit apartment complex in Augusta though a separate company it controls. Its other investors in the Parc at Flowing Wells include Sullivan’s Island-based Middle Street Partners LLC, which is charge of management and development of the Georgia property.
The sale price was not immediately available.
The Parc at Flowing Wells was built in 2010. The new owner is Augusta Operating Co. LLC.
“We are very pleased to have completed this transaction and look forward to adding additional large-scale apartment properties to our rapidly growing real estate portfolio,” said Robert Johnston, executive vice president of InterTech, which recently announced its purchase of an office building in Ireland.
Middle Street co-founder Ryan Knapp said his firm looks forward “to expanding this relationship and acquiring additional properties in conjunction with The InterTech Group.”