Brick Lane has acquired the Northlake Townhomes, a 76-unit community in North Charleston, S.C., from URS Capital Partners. The buyer funded the purchase with a 10-year, $5.3 million loan through Freddie Mac’s Capital Markets Execution program.
The seller had acquired the property from Scott Hagan Builders for $5.1 million in November 2016, according to Yardi Matrix.
Located at 4135 Bonaparte Drive, the community’s 17 buildings are positioned on two sides of a 7.2-acre, man-made lake. The grocery-anchored Oak Ridge Plaza Shopping Center is situated a short walk away, and a nearby bus route operated by CARTA provides access across the Charleston area.
The property, constructed in 1984, includes both two- and three-bedroom units, with floorplans between 1,100 and 1,400 square feet. Brick Lane plans to renovate more than half of the townhomes by replacing flooring, updating lighting and installing washer and dryer units.
HFF’s Jamie Leachman and Nicole Brickhouse secured the acquisition financing for the new owner. The same team worked on behalf of Brick Lane in March to acquire part of a townhome community in Virginia.
Image courtesy of Yardi Matrix