Two out-of-state real estate investment companies have extended their reach into the Charleston-area apartment market.
Kettler of Virginia and The Stillman Group of New York now own the 216-unit Jamison Park apartments at 2245 Greenridge Road in North Charleston, their third acquisition locally in recent months. They bought the complex from Middle Street Partners of Sullivan’s Island for $22.5 million.
Last fall, the two companies shelled out $58 million for two Charleston-area apartment complexes. They include the 232-unit Paces Watch apartments at 997 Johnnie Dodds Blvd. in Mount Pleasant, which sold for $36.73 million, and the 244-unit Waverly Place Apartments off Dorchester Road in North Charleston. The complex near the Robert Bosch plant sold for $21.83 million.
“This transaction increases our presence in the Carolinas and continues to drive our expansion along the Eastern Seaboard,” CEO Robert C. Kettler said.
With the acquisitions, Kettler manages about 33,000 apartment units from New York to the Carolinas and Texas.
“This demonstrates the continuing trend of institutional capital identifying Charleston as a stable, rapidly growing market with favorable economic trends and recognized employer expansion into the area,” said Kevin Kempf of commercial real estate firm CBRE Carolinas.
Reach Warren L. Wise at (843) 937-5524 or twitter.com/warrenlancewise.