Crowne at Old Carolina, a 199-unit property in the Bluffton submarket of Hilton Head, S.C., has changed hands. Blaze Capital Partners acquired the 12-building community from Crowne Partners in its second transaction in the Savannah-Hilton Head market.
The asset, completed in 2009, is located at 66 Buck Island Road. Featuring a mix of one-, two- and three-bedroom rental units in one- and two-story buildings, the property includes a swimming pool, grilling area and clubhouse for residents. Additional community amenities include a fitness and business center, as well as a pet park. Residents can also use the 597 available parking spaces.
The new ownership intends to start a value-add program at the property. The spaces in need of refurbishment will be established according to the residents’ feedback and requirements. The investments in upgrades will be directed towards amenities, but also to the interiors of the residential units.
Situated in close proximity to Route 278, Crowne at Old Carolina is roughly 10 miles from Hilton Head Island—visited by more than 2.5 million tourists every year. The property is 3 miles north from the Hampton Hall Club and 4 miles from the Hilton Head National Golf Club. The Victoria Bluff Heritage Preserve is 3.5 miles east from the asset’s location.
A promising market
Heightened prices for single-family homes keep the demand for multifamily housing at a steady rate, says Blaze Co-Founder & Managing Partner Eddy O’Brien is prepared remarks. Furthermore, Beaufort County experienced a 55 percent population growth rate since last year, according to the company.
Over the past 20 years, the county doubled in size, and the trend is expected to continue with a 28 percent increase in population by 2030, the same source points out. This makes the area attractive for investors. In January, UMH Properties spent $3.4 million on its first South Carolina acquisition.