By Andie Lowenstein, Associate Editor
The Baltimore-based commercial real estate investment and management company picked up Avana at Carolina Point, a 346-unit community located at 201 Carolina Point Parkway in Greenville, South Carolina, for $51.75 million. The property was constructed in 2010, and previously owned by Greystar Real Estate Partners and their joint venture partner Lubert-Adler.
“Avana at Carolina Point satisfied each value-add criteria in our evaluation and analysis process. The apartment community was purchased for below replacement costs and is in excellent physical condition with a diverse amenity package for its residents,” stated J.M. Schapiro, chief executive officer of Continental Realty Corporation. “In order to add significant value to this asset, CRC intends to invest in unit upgrades as well as expanding the fitness room and improving the clubhouse and resident amenities.”
According to Schapiro, newly renovated units will feature granite counter tops and wood plant floors. CRC intends to install Nest Learning Thermostats in each unit, which will enable residents to save money and conserve energy by remotely controlling the temperature with their smartphone device.
“These improvements will allow Avana to continue to be operated as the top luxury apartment community in the sub-market,” Schapiro continued. “The property is strategically placed within an extremely strong and rapidly-expanding business and residential section of Greenville. The sub-market also continues to exhibit corporate and consumer demographic growth that exceeds the national average, including a nearly 44 percent increase in population within a one-mile radius of the project over the past five years.”
Avana at Carolina Point is adjacent to TD Bank’s Regional Campus, which employs nearly 750 workers and the Millennium Campus, containing headquarters of Hubbell Lighting and Clemson University’s International Center for Automative Research. The community is also nearby a variety of upscale shopping center venues and specialty retailers such as Whole Foods Market, Trader Joe’s REI, and Bed Bath & Beyond. Property amenities include an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park, as well as nearby access to an interchange of Interstate 85, providing immediate connections to downtown Greenville and Spartanburg employment centers.
Greenville, which was named one of the “10 fastest growing cities in the United States” by CNN Money a few years ago, highlights international companies such as BMW, Michelin, GlaxoSmithKline and Kyocera. The Millennium Campus, in particular, continues attracting high-paying financial and technical jobs, which increases the demographic profile of the area.
“Our team continues to evaluate properties for possible acquisition, with a focus on the Mid-Atlantic and Southeast,” Schapiro added. “While cap rates have decreased and property values have increased we remain patient in executing our strategy. Every indicator suggests Greenville will continue to have a sustained economy as businesses and residents are enticed by an attractive climate and a high quality of life. The continued influx of new employers and an expanding population bodes well for the greater Greenville area.”
Continental Realty Fund IV, L.P represents the fourth fund established by CRC. This is the initial acquisition for the fund, which was formed to acquire a diversified real estate portfolio of value-add multifamily apartment communities and retail properties located throughout the Mid-Atlantic and Southeast regions of the United States.