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New N. Charleston apartment complex fetches $47M; huge spec building rising in Summerville

Atlantic on the Boulevard (copy)

The 280-unit Atlantic on the Boulevard Apartments off Rivers Avenue in North Charleston recently sold for $46.7 million to a company based in Salt Lake City, Utah. Provided

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New N. Charleston apartment complex fetches $47 million

A recently completed four-story apartment complex in North Charleston has a new owner.

An affiliate of Middle Street Partners of Charleston recently sold the 280-unit Atlantic on the Boulevard Apartments at 2155 Morris Baker Blvd. off Rivers Ave. near Ashley Phosphate Road to an affiliate of real estate investment firm Milburn & Co. of Salt Lake City for $46.7 million.

In South Carolina, the Utah-based company also owns the 290-unit Latitude at Wescott Apartments in North Charleston and the 305-unit Millennium Apartments in Greenville.

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Charles Towne Landing path to house

A house depicts the type of common lodging that could have been used to house enslaved Africans and indentured servants on the settlement at Charles Towne Landing. Lauren Petracca/Staff

Charleston's first home took shape 350 years ago

The first settlers in what would become Charleston started on 9 acres at what was once called Albemarle Point and Charles Town Landing beside the Ashley River in April 1670. The site in West Ashley is now a state park that will soon reopen.

By the numbers

1: May date that state parks will reopen across South Carolina after being shut down for a month because of the coronavirus pandemic.

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2: Number of acres Refuel convenience store chain bought for $1.4 million in the Carnes Crossroads development of Goose Creek. 

35: Number of years Subway sandwich chain restaurant operated on King Street in Charleston before it closed recently.

This week in real estate

+ Walled city: Charleston's peninsula could once again become a walled city for the first in centuries if the results of a flooding-protection study come to fruition.

+ Berkeley boom: Once-rural Berkeley County faces city-sized challenges as mega-developments bring benefits but strain roads, schools and services.

+ Road squabble: Carolina Park residents in Mount Pleasant aren't happy with the town's plans to build a 300-yard road where a walking trail now exists along a small lake.

190,000-square-foot spec building on the rise

Portside spec industrial building 1 under construction near Summerville

A new 190,000-square-foot speculative industrial building is under construction near Interstate 26 (upper right) and Nexton Parkway (not shown) near Summerville. Provided/Frampton Construction

A large, new speculative industrial building should be completed by September in the 31-acre Portside Distribution Center project beside Interstate 26 (upper right) near Summerville. It's the first of two buildings slated for the site.

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

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