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.

Comments

Post a Comment

Popular posts from this blog

Los Arboles Apartments - 17 Photos - Apartments - 201 4th St, Del Mar, Del Mar, CA - Phone Number

8 201 4th St Del Mar , CA 92014 (858) 481-9585 Been here for 5 months now. These are definitely old apartments; the floorplans aren't modern or laid out super efficiently. But if you want to live within line-of-sight to the ocean, this place is as affordable as it gets. The manager is hands-down one of the nicest dudes I've met and has been extremely accommodating to us. Although the property is old, it's clean and decently kept up. The pool and hot tub are nice. We're on the 2nd floor in a corner unit and it's been very quiet for us. We haven't had any issues with bugs or vermin of any sort; in fact, we keep our porch door wide open all day long so our kitties can get some fresh air. This results in maybe 1 fly per day inside. There are surfer trails very nearby that lead down the cliffs for beach access. Bottom line, if you're looking for luxury, don't live here. It's too old to ever be luxurious. But if you're looking for line-of-sight to t
Read more

Charlotte affordable housing forum raises possible solutions

There’s a big demand for more affordable housing in Charlotte, where rents and home prices have shot up much faster than wages over the past few years. Many of the apartments being built now target more affluent renters, waitlists for housing vouchers are long and starter homes are snapped up almost immediately. So why aren’t developers building more affordable housing ? That was one of the main questions at a candidate education panel hosted by the Greater Charlotte Apartment Association on Friday, where about two dozen candidates for Charlotte City Council turned out to learn some of the basics on a complicated subject. “ Affordable housing is one of the topics you’ll talk about a lot,” Bryan Holladay, who supervises the group’s government affairs outreach , told the candidates. The subject is an alphabet soup of acronyms (like NOAH, or “ Naturally Occurring Affordable Housing ”) and overlapping terms and definitions. Sometimes when people say “ affordable housing ” they mean go
Read more

Parents of Student Murdered by Maintenance Man Sue Apartment Complex

He pleaded guilty to murder late last year, now the case of a maintenance worker who killed a Blinn student is back in court. The parents of 20-year-old Jenna Verhaalen are suing the Bryan apartment complex where she was killed. Verhaalen was strangled at the Autumn Woods Apartments in 2008, by 27-year-old maintenance worker Jeremiah Rosser . The suit claims Autumn Woods ignored complaints made about Rosser. Specifically, a complaint they claim Jenna made to Rosser's boss, when he entered her apartment while she was in the shower. The suit alleges the complex's negligence led to Jenna's death. Attorneys for Autumn woods said management had no reason to believe Rosser was a risk. However, that's not what the complex's corporate office told News Three in 2008. Back then, a spokesperson said Jenna complained to the maintenance supervisor about Jeremiah Rosser , but never filed a complaint with the office. Rosser quit his job at Autumn Woods several day
Read more