Blaze, Cross Lake Acquire South Carolina Community
The property has been under construction since 2022.
Blaze Capital Partners and Cross Lake Partners have teamed up to purchase a construction-stage asset in Summerville, S.C. The Retreat at Carlile began construction in 2022, having secured construction debt from United Community Bank, according to Yardi Matrix data.
Once completed, The Retreat at Carlile will offer 99 units in two- and three-bed townhouses ranging from 1,492 to 1,540 square feet. The units will be built with nine-foot ceilings, patio storage, double vanities, walk-in closets and washer and dryer units. Each unit is also expected to get a designated parking spot. Amenities will include a pool, clubhouse, sun deck, fitness center, coffee and tea bar and walking trails, as well as planned community events.
Located at 226 St. Catherines Court, The Retreat at Carlile will be six miles away from Interstate 26. The nearby access to the highway gives residents a quick commute to Charleston, which is roughly 33 miles away, and its major employers, like Boeing, Volvo and Google. The community is also approximately five miles away from Summerville’s main business district, which offers many retail and restaurant options.
Building on Summerville experience
Blaze Capital and Cross Lake previously worked together, developing the 132-unit Chamberlain Pines, also located in Summerville. The joint venture completed the townhome rental community in 2022, before selling it to LyvWell Communities later that year for $54 million.
Despite the recent sale, Blaze is still looking to grow its rental housing presence significantly across Sun Belt states, recently acquiring the 203-unit Integra Lakes in the Casselberry suburb of Orlando, Fla. In total, Blaze has acquired three active adult communities and two conventional multifamily communities in the last 12 months.
Cross Lake, meanwhile, will continue to invest in both North and South Carolina as the region sees continued strong growth, Adam Rapport, partner & head of acquisitions at Cross Lake, said in prepared remarks.