North Charleston Community Trades for $22M

By and Anda Rosu

Although completed in 1975, the property is at its first sale.

Forest Cove. Image courtesy of Aline Capital

Edac Enterprises has sold Forest Cove Apartments in metro Charleston, S.C., for $21.5 million. The buyer was Eskay Management. Aline Capital’s Multifamily Advisory Group assisted the seller.

Forest Cove, located at 1092 Berkeley St. in Hanahan, S.C., near another North Charleston asset owned by Eskay, is one of the few remaining owner-built and managed properties in South Carolina and a community the buyer wanted to acquire for some time, Jay Schecter, representative of Eskay Management, said in prepared remarks.

The 184-unit property is situated within walking distance of Westvaco Park, 2 miles north of Park Circle and some 5 miles east of Charleston International Airport and Tanger Outlets Charleston.

Completed in 1975, the community comprises one- to three-bedroom floorplans with amenities including a swimming pool, 253 parking spots and laundry facilities, according to Yardi Matrix data.

The company previously facilitated several other transactions involving the buyer. Last year, Aline Capital represented Eskay Management in the acquisition of two Myrtle Beach-area properties totaling 151 apartments.

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