Fogelman Properties JV Lands Charleston Community

Westbury Mews. Image courtesy of Fogelman Properties

Marking completion of $190 million in acquisitions across five markets, a joint venture of Fogelman Properties and its long-time partner Thackeray Partners has acquired Westbury Mews, an apartment community in the Charleston suburb of Summerville, S.C. The Fogelman-Thackeray partnership has now acquired 16 communities and more than 3,000 units.

The 132-unit rental property features one-, two- and three-bedroom apartment homes with rents ranging from $975 to $1,420 per month.

Constructed in 1988 at 1425 Old Trolley Rd. in Summerville, Westbury Mews is a three-story property that was 97 percent occupied at time of acquisition. It will be managed by Fogelman. The integrated multifamily investment and property management company plans to embark on a complete renovation of unit interiors, signage, landscaping, clubhouse and amenity areas.

Apartments include large screen porches, vaulted ceilings, fireplaces, in-unit washers and dryers and high-speed Internet access. A pool is among common-area amenities.

Job centers

Westbury Mews is situated near a primary thoroughfare, Interstate 26, which provides the convenience of 30-minute commutes to downtown Charleston and area employment hubs. An array of major employers is located in the metro area, representing sectors that include health care, aerospace and advanced manufacturing.

In a prepared statement, a Fogelman Properties executive noted Charleston is a high-performing market with one of the largest in-bound migration percentages in the U.S.

Once a resort town for residents of Charleston, Summerville has been absorbed into outer reaches of the Charleston metropolitan area. It features a comparatively low cost of living and a number of properties on the National Register of Historic Places.

Three months ago, Continental Realty Corp. acquired 175 units of Sweetgrass Landing Apartments in Mount Pleasant, S.C. for more than $55 million.