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 in a deal that closed May 16. It’s the company’s first purchase in South Carolina.
The seller was Arlington, Va.-based Woodfield Investments, which completed the complex near Channing Way and St. James Avenue in 2009.
Trade Street Residential said the property is 98 percent occupied. The monthly rent averages $901 per unit. The Aventura, Fla.-based company financed part of the purchase with $56.3 million it raised from a recent stock offering.
“As we move forward as a public company, we will continue to seek opportunities to increase our property portfolio ... across the Sunbelt,” said Trade Street CEO Michael Baumann.
Growing demand for apartments in the Charleston area has been fueling both sales and new developments over the past two years.