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2 Charleston apartment complexes fetch $58M; North Charleston retail center sells for $19M

A pair of West Ashley apartment complexes about a mile apart recently changed hands in separate deals valued at nearly $60 million.

New York-based White Eagle Property Group paid $36.1 million for the 264-unit Plantation Oaks community at 2225 Ashley River Road while an affiliate of a San Diego firm bought the 207-unit 1800 Ashley West at 1800 William Kennerty Drive, also off Ashley River Road, for $22 million.

Maryland-based FCP and High Real Estate Group of Pennsylvania were the previous owners of Plantation Oaks while an affiliate of Massachusetts-based VTT Management was the owner of 1800 Ashley West, previously called Moss Creek Apartments.

The previous owners of Plantation Oaks said they performed extensive renovations to the complex in the growing West Ashley market.

Plantation Oaks Apartments sign

Plantation Oaks Apartments off Ashley River Road in West Ashley recently sold for $36.1 million. Warren L. Wise/Staff

“Charleston has been experiencing phenomenal population growth, with a steady unemployment rate at 2.5%, while the job market continues to expand,” said Abe Spitz, White Eagle's chief operating officer.

The company plans to add amenities and upgrade apartment interiors, he said.

The other complex on William Kennerty Drive fetched twice the price paid three years ago, when it sold for nearly $11 million, according to Charleston County land records.

1800 Ashley West Apartments

A West Ashley apartment complex called 1800 Ashley West off Ashley River Road recently sold for $22 million. Warren L. Wise/Staff

An affiliate of real estate investment firm DAS-Alliance Group of San Diego bought the property from an affiliate of VTT, which recently sold a 76-unit apartment complex called Colony Square in Hanahan for $6.25 million.

Changing hands

Also recently changing hands was a North Charleston shopping center and a Berkeley County storage facility.

An affiliate of LBX Investments of Los Angeles bought the 141,463-square-foot North Rivers Towne Center at 7250 Rivers Ave. from an affiliate of Retail Properties of America Inc., according to real estate and investment management firm JLL, which handled the sale of the 16.7-acre site near Trident Technical College.

LBX North Rivers LLC paid $18.9 million for the 16.7-acre property next to Target, according to Charleston County land records.

North Rivers Towne Center

North Rivers Towne Center in North Charleston recently changed hands. Provided/JLL

The center’s tenants include Ross Dress for Less, Bed Bath & Beyond, Office Depot, David’s Bridal, Great Clips, Five Guys Burgers & Fries, Firehouse Subs and Cold Stone Creamery.

“This was a unique, value-add retail offering in a growth market that received exceptional interest and double-digit offers,” JLL's Thomas Kolarczyk said. 

LBX also recently acquired shopping centers in Columbia, Charlotte, Atlanta and Orlando, according to its website.

In Berkeley County, a storage facility between Goose Creek and Summerville also recently sold.

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JSF North Main Street CMPI LLC of Alexandria, Va., recently sold the CubeSmart property at 2130 N. Main St.  to Life Storage LP of Buffalo, N.Y., for $9.39 million.

Changing names

A pair of new senior housing developments in the Charleston region now have new names. 

The Crossings at Wescott Plantation and The Crossings at West Ashley will now be bear the Harmony brand instead of The Crossings.

The developments, which opened during the past two years in North Charleston and West Ashley, are part of Virginia-based Harmony Senior Services.

Harmony is an affiliate of Smith/Packett Med-Com LLC of Virginia.

In the works

A new small retail center and self-storage facility are in the works in the Charleston suburbs.

A 94,835-square-foot storage center is planned for about 3 acres on Grand Oaks Boulevard in West Ashley and a similar sized parcel is slated for retail development, according to plans presented to the city.

The site is across the street from the developing Harris Teeter-anchored development at West Ashley Circle.

Also proposed in the area is a 57-unit apartment development on six acres at 2235 Ashley River Road. The 20,000-square-foot proposal east of Dogwood Road is called Bull Creek Apartments. Ashley River LLC is the property owner.

Storage stuff

A new self-storage facility is set to celebrate its opening in North Charleston. Out of Space Storage at 2170 Greenridge Road along with the North Charleston Chamber of Commerce will cut the ribbon on the new business 4-6 p.m. Wednesday.

The one-story facility offers climate-controlled and standard units.

Next in Nexton

Del Webb will unveil its new amenity center in its second Charleston-area development on Thursday.

The 55-plus community will welcome visitors 11 a.m. to 2 p.m. at 1261 Del Webb Drive in the growing Nexton area near Summerville.

Del Webb has another community in Cane Bay Plantation, also in Berkeley County.

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

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