Mount Pleasant apartment fetches $60.5M in sale

Riviera at Seaside was completed last year.

A New York real estate investment firm has added a Mount Pleasant apartment complex to its portfolio, paying $60.5 million for the Riviera at Seaside.

The deal worked out to about $239,000 per unit.

The buyer is a group formed by AVR Realty of Yonkers, N.Y.

The seller was Riviera at Seaside LLC, which was affiliated with The Beach Co. of Charleston, property records show.

The 253-unit apartment was completed last year. It is in the Seaside Farms mixed-use development, near the Isle of Palms Connector and Rifle Range Road.

AVR’s website shows that the Riviera acquisitsion is its only investment in the Charleston area. The company already owns seven apartment complexes in South Carolina. They are in Aiken, Boiling Springs, Columbia, Florence, Irmo, Lexington and Spartanburg.

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

“AVR is happy to have this beautiful community in our portfolio,” Don Hegermiller, AVR’s director of multifamily properties, said in written statement. “We look forward to operating the property with our usual attention to detail and focus on resident satisfaction.”

The Beach Co. said it did not plan to comment on the sale.

The Charleston-based real estate developer set a new high-water mark for an apartment sale in Mount Pleasant in early 2014, when it sold the 325-unit Boulevard project for $66.5 million to Heitman Capital Management.

But on a per-key basis, the Riviera at Seaside deal appears to be the top record holder for the town. That distinction previously was held by Woodfield Long Point Apartments, which fetched $55.5 million in January, for an average of $215,000 for each of the 258 rental units.