Arbor Village Apartments in Summerville

The 240-unit Arbor Village Apartments in Summerville will undergo an upgrade after recently changing hands for $35.4 million. Provided/American Landmark

Two Summerville apartment communities recently changed ownership.

A Florida-based firm now owns a four-year-old complex. American Landmark recently bought the 240-unit Arbor Village Apartments at 10825 Dorchester Road for $35.4 million and plans to upgrade the property's interiors and exteriors.

The 22.5-acre site previously was sold two years ago for $31.8 million, according to Dorchester County property records.

American Landmark, along with its debt and equity partner Electra America, said they are selectively acquiring value-add properties in strategic locations across the Southeast. Their portfolio currently consists of about 25,000 apartments in five states, and they expect to complete $1.5 billion in multifamily acquisitions in 2018.

“Charleston’s strong economic fundamentals, including the expansion of avionics companies and the arrival of Volvo, facilitated the decision for us to establish ourselves within the South Carolina market," said Christine DeFilippis, chief investment officer at American Landmark.

In the other Summerville acquisition, New York-based JAE Property Group paid $3.9 million for the 79-unit Lynn-Wood Apartments at 108 Weathers Court, according to Andie Weathers of Carolina One Commercial.

Upper peninsula activity  

A new parking garage and office building is slated for Charleston's upper peninsula.

Property owner US Foods Inc. is asking the city for approval to erect the structures at 1510 Meeting St.

Illinois-based US Foods is building a 59,000-square-foot Chef'Store on 9 acres at the site it purchased last year.

We're starting a weekly newsletter about the business stories that are shaping Charleston and South Carolina. Get ahead with us - it's free.


Buying and selling

A Mount Pleasant-based real estate investment firm recently added an out-of-state storage business to its portfolio and sold a retail site near Columbia.

Ziff Properties Inc. now owns Starpoint Storage, a multi-use storage and warehousing facility in Chapel Hill, N.C. The existing 83,000-square-foot complex is made up of eight single and multi-level buildings. Ziff plans to convert all non-storage buildings to climate and non-climate controlled self-storage.

The firm will also build a small office building on an outparcel that was included in the sale. ExtraSpace Storage will manage the renovated self-storage asset. The sale price was not disclosed in deeds filed with Orange County, N.C.

In the Midlands, Ziff sold Lexington Towne Centre, a 131,809-square-foot retail center in Lexington for $12.575 million to a private buyer from New York.

Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.