ECI Group Expands in South Carolina

The Factory at Garco Park. Image courtesy of ECI Group

ECI Group has acquired a 271-unit property in North Charleston, S.C. The asset, The Factory at Garco Park, is the firm’s fourth multifamily community purchased in the Carolinas and Southeast Georgia area. Located in the Park Circle neighborhood, The Factory at Garco Park was sold for an undisclosed price.

According to Yardi Matrix data, the seller of the community was RangeWater Real Estate which originally purchased the asset in 2018 for $51.7 million. Financing for ECI’s acquisition was provided by SouthState Bank.

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In prepared remarks, Scott Levitt, chief acquisitions officer at ECI, said that the capital from the sale of ECI’s The Columns at Vinings in Atlanta will be recycled into The Factory at Garco Park. The 1031 Exchange is one of the five deals of this manner that ECI has completed in the last 18 months.

Situated at 4993 O’Hear Ave., residents are in proximity to East Montague and retail, dining and entertainment options. The Cooper River and Park Circle nearby offer green space and walking trails.

Currently 96.7 percent occupied, according to Yardi Matrix data, The Factory at Garco features studio, one-, two- and three-bedroom units. Individual homes feature in-unit washers and dryers, home telecom connections, energy-efficient windows and garden tubs and private patios in select apartments.

Community amenities include a saltwater pool, a water lounge, an outdoor kitchen, a fitness center, a conference room, boat storage, a clubroom, a dog park and a car washing station. The property also provides bikes.

Newmark’s Alex Okulski represented RangeWater Real Estate in the deal.