Blaze Capital JV Sells Charleston Townhomes
JLL Capital Markets represented both sides of the $54 million transaction.
A joint venture of Blaze Capital Partners and Cross Lake Partners has completed the $54 million sale of Chamberlain Pines Townhomes, a 22-building, 132-unit single-family townhome community located at 1060 Orangeburg Road in Summerville, S.C. Two JLL Capital Markets teams assisted both the buyers and sellers, securing financing for the buyer, LyvWell Communities. The sale is subject to a $36.1 million loan, provided by Prime Finance Partners, according to CommercialEdge data.
Chamberlain Pines was completed in 2022 and covers 11.5 acres totaling 222,400 square feet, according to CommercialEdge data. The community offers three- and four-bedroom townhomes, which average 1,685 square feet. The homes include private backyards, attached garages, stainless steel appliances, granite countertops, in-house laundry units and smart home technology. Situated in the western portion of Somerville, Chamberlain Pines is close to many of the area’s top retail, dining and entertainment venues, as well as several of the city’s largest employers. The development is within 25 miles of downtown Charleston.
The JLL team acting on behalf of the joint venture was led by Executive Managing Director Lee Allen and Managing Directors Matthew Putterman, Zach Nolan and Chris Shea. LyvWell was represented by Senior Managing Driector Matt Kafka, Managing Director Chip Sykes and Director Laura Sellingsloh.
Charleston’s climbing numbers
Charleston’s multifamily market has enjoyed a steady supply of new deliveries that have kept up with demand, as the city experiences an unprecedented wave of migration. Data from a first-quarter 2022 Colliers report shows that the city has 3,961 units under construction, 2,878 of which will deliver this year. The city’s occupancy rate has risen to 93.5 percent, the report also shows.
Another recent high-profile transaction in the city is Northland’s purchase of 511 Meeting, a 211-unit luxury community in downtown Charleston.