East Central Lofts sells for $12.44 million

East Central Lofts on Huger Street in Charleston has sold to four firms for $12.44 million.

A 72-unit apartment building in Charleston has new owners, and the acquisition group is considering developing an adjacent parcel with more apartments.

Maryland-based Federal Capital Partners real estate investment company, already involved in the redevelopment of the historic Cigar Factory a few blocks away, announced Tuesday it has acquired East Central Lofts on Huger Street at the base of the Ravenel Bridge in a joint venture with three other firms.

Kane Realty Corp. of Raleigh, Randolph Development of Charleston and Canongate Capital, an investment and asset management company in Charleston, joined Federal Capital Partners in the transaction.

The partnership bought the site for $12.4 million, according to Charleston County property records.

East Central is made up of one- and two-bedroom loft apartments with floor-to-ceiling windows. The 43,000-square-foot building rises four stories and opened about two years ago.

“FCP is excited to be an early mover on Charleston’s fast-growing upper peninsula,” said Peter Smythe of Federal Capital Partners. “Our plans for this community and the adjoining development opportunity will benefit from the expertise of our partners.”

Detailed plans for the proposed new apartment building next door have not been announced, but the owners are proposing ground-level retail as part of the development.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.