Newmark Knight Frank has brokered the sale of The Tradition at Summerville, a 232-unit value-add community in Summerville, S.C. American Landmark Apartments acquired the Class B property and rebranded it as Bryant at Summerville.
According to Yardi Matrix data, the seller was Carter-Haston Real Estate Services, which purchased the asset in 2012 for $18.5 million from Schrimsher Properties.
NKF Senior Managing Director Alex Okulski and Vice Chairmen Sean Wood, John Heimburger and Dean Smith, together with Managing Directors John Munroe and Jason Kon, represented both parties in the deal. The same team was instrumental in the $53 million sale of a 229-unit property in Winston-Salem, N.C.
This is American Landmark’s third acquisition in Summerville, following an October purchase of a 329-unit community a few miles north of The Bryant. The firm intends to invest up to $2 billion in multifamily properties across the Southeast and Texas.
A value-add property
Located at 325 Marymeade Drive, The Bryant at Summerville consists of 10 two- and three-story buildings developed in 2004 on almost 16 acres. Community’s one- to three-bedroom apartments range in size from 652 to 1,276 square feet. Amenities include a fireside lounge, business center, nature trail, swimming pool and fitness center. Yardi Matrix data shows the property was 92.7 percent occupied as of December.
The asset will undergo a $2.7 million capital improvements plan. Unit improvements will include granite countertops, stainless steel appliances, USB outlets and electronic locks, while the community site will be upgraded by the addition of a dog park and renovation of the fitness center and swimming pool.
The Bryant is near Interstate 26 and U.S. Route 17, just south of a large retail area that includes Azalea Square and North Main Market. Downtown Summerville is roughly 3 miles southwest, while downtown Charleston is 25 miles southeast of the property.