Continental Realty Corp. has acquired 175 units of Sweetgrass Landing Apartments, a 200-unit property in Mount Pleasant, S.C., for $55.5 million. The remaining units are privately-owned condominiums. Chaucer Creek Capital sold the property after nearly seven years of ownership—the company paid $23.7 million for the asset in 2015, Yardi Matrix data shows. Cushman & Wakefield arranged the sale on behalf of the seller.
Completed in 2001, the property comprises 13 buildings and a mix of one-, two- and three-bedroom floorplans, ranging from 787 to 1,596 square feet. The units offer open kitchen areas, walk-in closets, stainless steel appliances, in-unit washers and dryers, garden tubs and private balconies. Common-area amenities include a fitness center, business center, community room, tennis court, pool, spa and pet park.
The company plans to invest $5 million to improve unit interiors and the leasing office. Improvements will include upgraded flooring, granite countertops and the addition of a technology package.
Located at 1100 Legends Club Drive, the community is within a mile of Roper St. Francis Mount Pleasant Hospital and less than 2 miles away from Laurel Hill County Park. Market At Oakland and other retail and dining options are within half a mile of the property. Sweetgrass Landing Apartments is next to North Highway 17, connecting it directly to Charleston, S.C.
Purchased on behalf of Continental Realty Fund V L.P., the acquisition mark’s the fund’s sixth investment after last month’s purchase of The Six Apartments, a 92-unit community also located in Mount Pleasant, some 4 miles from Sweetgrass Landing Apartments. The company also owns Central Island Square, a mixed-use property in Charleston encompassing 313 residential units and 30,000 square feet of retail space, purchased in 2020.
Currently, the company’s national portfolio includes roughly 9,500 units across 10 states.