CRC Snaps Up SC Property for $45M
The 166-unit community was completed this year.
Continental Realty Corp. has acquired Bristol at New Riverside, a 166-unit property in Bluffton, S.C., near Hilton Head Island. The Baltimore-based investor paid $44.5 million for the property which was completed in 2024 by developer Madison Communities and formerly known as Madison New Riverside.
Bristol at New Riverside, located within the New Riverside Village master-planned community in Beaufort County, S.C., consists of six two- and three-story buildings featuring one- and two-bedroom units. At the time of the sale, the community was about 90 percent occupied.
Amenities include nine-foot ceiling heights and panoramic windows, quartz countertops, two-tone cabinetry and hardwood-style flooring. Each unit is also equipped with stainless steel appliances, side-by-side refrigerators and full-size washers and dryers.
The community features a clubhouse with a fitness center, resident coffee lounge and digital access package-acceptance lockers. There is also a salt water swimming pool. Immediately adjacent to the property is New Riverside Park, a 37-acre park under development that will offer large open spaces, perimeter trails, a playground and a 2,700-square-foot structure suitable for private and public events.
Rents at the property range from $1,910 to $2,640 for its 745-square-foot, one-bedroom units and $2,300 to $3,080 for 1,186-square-foot, two-bedroom units, according to RentCafe.
Bluffton is one of the fastest-growing municipalities in South Carolina, with a current estimated population of more than 35,000, up from some 27,700 in 2020 and 12,500 in 2010, according to Census Bureau data. The nearest major metro market, Savannah, Ga., has also seen strong population and job growth in recent years.
Cushman & Wakefield Executive Managing Director Taylor Bird represented the seller in the transaction.
CRC expands
Bristol at New Riverside marks the second community in the greater Hilton Head market for the Baltimore investor, having previously acquired The Bluestone Apartments in Bluffton. Including the Bristol at New Riverside, the company now owns some 1,100 apartment units in South Carolina, also including Sweetgrass Landing, The Six in Mount Pleasant and Central Island Square in Daniel Island.
This deal allows CRC the opportunity to scale its asset and property management operations to further strengthen its entire regional portfolio, according to Ari Abramson, the company’s vice president of acquisitions.
The deal is also the third asset purchased on behalf of the Core Multifamily Fund LP, a private equity fund sponsored by CRC in partnership with Brown Advisory, an independent investment management firm also headquartered in Baltimore. The fund focuses on newly developed properties in high-growth suburban and urban markets in the Southeast, including Charleston, Charlotte, Nashville, Raleigh, Orlando and Tampa.
The fund completed its initial closing in 2022, raising about $146 million. Soon after, CRC acquired two assets on behalf of the fund in North Carolina: the 65-unit St. Mary’s Square North Apartments in Downtown Raleigh, for $36.5 million; and Sycamore at Tyvola, a 288-unit community in Charlotte, for $96.3 million.
