The West Ashley apartment market has scored another sizable transaction for 2019.
A Montgomery, Ala.-based real estate investment firm has snapped up the 272-unit Springs at Essex Farms complex at 3245 Glenn McConnell Parkway for $48.6 million, according to Charleston County property records.
The deal worked out to just shy of $179,000 on a per-key basis.
The new owner and landlord is B&M Management Co. LLC, which owns 10,000 apartment units in the Southeast and Texas, according to its website.
The company has rebranded its only Charleston holding as The Preserve at Essex Farms. where the monthly rents range from $968 to $1,580, according to its website.
The seller was an affiliate of Continental Properties Co. Inc., a Wisconsin-based real estate investment firm that developed the West Ashley complex on 25 acres and opened it under its Springs flag about four years ago.
It’s the second big apartment sale in that part of the world in 2019.
Earlier this year, an affiliate of Pennsylvania-based PRG Real Estate Management Inc. paid $37 million for the 199-unit Proximity Residences off Bee’s Ferry Road, or about $186,000 per key.