Continental Realty Corp. (CRC) has acquired The Bluestone, a 360-unit community in Bluffton, S.C., for $69.3 million. A joint venture between The Carlyle Group and Blaze Partners sold the property, which is located at 4921 Bluffton Parkway in the town northeast of Savannah.
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The real estate investment and management firm acquired the asset on behalf of Continental Realty Fund V, a $210.8 million private equity fund which CRC closed in August. The deal marks the second multifamily investment by the vehicle, which focuses on purchasing value-add retail and multifamily properties in the Southeast and Mid-Atlantic regions.
Built in 2004 and 2007, The Bluestone features one-, two- and three-bedroom units with up to 1,510 square feet of space, 9-foot recessed ceilings, balconies, walk-in closets and on-site garages and storage. Community amenities include a clubhouse with fitness center, two swimming pools, a fishing pier and dog park.
The community is located along Bluffton Parkway, an east-west thoroughfare that connects to Hilton Head Island, a resort town on the Atlantic coast about 6 miles away. In a statement, CRC indicated that the property is the nearest Class B community to the tourist destination, giving it a competitive edge. The community is also a short drive away from the shopping and entertainment options in Old Town Bluffton.
The seller picked up the property in August 2018 for $56.2 million, according to Yardi Matrix. CRC’s acquisition represents the company’s second multifamily acquisition in South Carolina after Avana at Carolina Point, a 346-unit community in Greenville that the firm acquired in 2015.