Charleston apartment complex sells for $22.9 million | Business

The sale of apartment complexes continues throughout the Charleston region.

Most recently, Atlanta-based Radco Cos. paid $22.9 million for the 198-unit former Woodbridge Apartment Homes in West Ashley. The complex at 2040 Ashley River Road is now called Radius at West Ashley. The sale price included $14.1 million in mortgage debt, according to Charleston County property records.

The purchase marks the company's sixth acquisition this year and its second multifamily asset in the Charleston region. It also owns Greenwood at Ashley River at 6520 Dorchester Road.

The previous owner of Radius at West Ashley was New Jersey-based Raia Properties, which paid $14.5 million for the complex in 2006. Radco Residential will manage Radius.

Radco plans to spend $3 million, or about $15,000 per unit, to upgrade the community. It was built in separate phases in 1972 and 2003 in 11 buildings on 16 acres.

Renovations will include cabinetry, appliances, flooring, lighting, countertops and paint. The clubhouse will be remodeled along with an expanded fitness center and the addition of a fire pit and grilling area.

Other improvements will be made to the pool, exterior lighting, heating and air conditioning systems, water heaters and signage.

The garden-style units average 900 square feet in one-, two- and three-bedroom floor plans. Its amenities include a swimming pool, clubhouse, fitness center, green space, business center and 401 parking spaces.

“Radius at West Ashley will provide an exceptional product that is valuable to the market," Radco founder and CEO Norman Radow said in a statement. "Charleston has one of the fastest-growing millennial populations in the country."

The purchase follows the recent sale of the 222-unit Plantation Flats Apartments for $21.6 million and the 160-unit Alston Arms Apartments for $12.1 million. Both are in North Charleston.

Now leasing

A large new apartment community is now leasing in West Ashley with plans for move in this fall.

The 220-unit 17 South Apartments at 105 Ivy Green Way off U.S. Highway 17 offers studio and one- and two-bedroom units in seven buildings three to four stories tall.

Behind the residential buildings' brick-and-stucco facing, insulated concrete form walls are intended to provide energy-usage savings of 30 percent to 50 percent over traditional wood-frame construction.

The buildings' design is aimed at maintaining consistent interior temperatures year-round, providing high indoor-air quality and reducing sound transmission. The walls are also rated for hurricane strength.

“This is an exciting project for us as we continue to look around the country — and, in particular, the Southeast — for investment opportunities that will drive value and profit for our company,” said Greg Kalikow, vice president for Kalikow Group of Westbury, N.Y., in a statement. “The Charleston market continues to experience strong growth, and we’re looking forward to continuing our strategic expansion there.”

The Kalikow Group, Breakers Capital Partners, and EYC Cos. are developing the $33 million project near Marginal Road.

Senior living

A new senior living and memory care facility has been completed in Goose Creek.

The 100-unit Blake at Carnes Crossroads includes an 84,000-square-foot building on a 3.7-acre site and serves as the gateway to the master-planned Carnes Crossroads neighborhood being developed by the Daniel Island Co.

Frampton Construction Co. of Charleston built the facility as a joint venture with Cardinal Ventures of Mississippi.