Florida firm eyes growth in Charleston’s apartment business
The Charleston region’s strengthening local economy has prompted one real estate firm to buy two local apartment deals, with more investments likely.
Trade Street Residential said Tuesday that it has acquired Daniel Island’s Talison Row high-end apartment community from Charlotte-based Spectrum Properties for $48 million, or about $175,000 a key.
The 274-unit apartment community on Seven Farms Drive was opened in 2012.
The Daniel Island acquisition comes several months after Trade Street Residential entered the local market with the purchase of St. James at Goose Creek for $27.4 million, or $112,000 a key. That 244-unit complex opened in 2009.
“We’re focused on secondary markets in the Southeast, and ...the Carolinas in general are a huge growth strategy,” said Ryan Hanks, the Aventura, Fla.- based company’s chief investment officer. “South Carolina has a lot of population growth ..., Charleston is going to continue to grow jobs, and South Carolina has done a good job, too.”
Trade Street Residential marks the latest multifamily firm to recently invest in the local area.
Hanks said the two purchases are a start for the firm, which is looking to grow its footprint in the Charleston and Greenville regions through acquisitions. Trade Street Residential sees particularly strong growth potential in Berkeley County.
The company also owns multifamily communities in Georgia, Florida, North Carolina, Tennessee and Kentucky, according to its website.
Its decision to target the Charleston region comes as thousands of apartments are in the works by numerous developers, according to Real Data, a Charlotte firm that tracks the local multifamily market.
Earlier this year, HHHunt, recently shed its local single-family operation to focus all of its efforts on growing its multifamily business in the area. Blacksburg, Va.-based HHHunt is developing the 320-unit Abberly Crossing apartment community across from Joseph R. Pye Elementary School on Patriots Boulevard in Ladson.