A Florida company fresh off a public sale of its stock has snapped up one of Goose Creek’s newest apartment communities.
Trade Street Residential Inc. said it paid $27.2 million, or $111,475 per key, for the 244-unit Woodfield St. James. The deal closed Thursday.
The seller was Arlington, Va.-based Woodfield Investments, which completed the complex near Channing Way and St. James Avenue in late 2009.
Trade Street Residential said the property is 98 percent occupied. The monthly rent averages $901 per unit. Amenities include a clubroom, business center, pool, fitness room and movie theater.
The Aventura, Fla.-based company financed part of the purchase with $56.3 million it raised from a recent sale of its stock. It plans to put a $19 million, 10-year mortgage on the property in June.
“As we move forward as a public company, we will continue to seek opportunities to increase our property portfolio through the acquisition of additional high-quality, well-located communities in vibrant markets across the Sunbelt, which improve the growth profile and diversification of our cash flows,” said Michael Baumann, CEO of Trade Street Residential, which formerly was known as Feldman Mall Properties Inc.
The Goose Creek acquisiton is the company’s first in South Carolina.
Growing demand for apartments in the Charleston area has been fueling both sales and new developments throughout the region over the past two years.
Contact John McDermott at 937-5572.