Audubon Acquires Charleston Community for $66M
- Dec 23, 2020
Southern-focused multifamily firm Audubon has acquired Harbor Pointe, a 344-unit apartment property in Charleston County, S.C., for $65.5 million. The Crotts Group sold the 23-building community, which is located in the suburban town of Mount Pleasant, with Cushman & Wakefield representing the firm.
Located at 331 Harbor Pointe Drive, across the Cooper River from Charleston, the 32-acre property was built in 1987 and offers one- and two-bedroom units. Occupancy is around 82 percent, according to data from Yardi Matrix. Amenities of the two-story property include a waterscape, fitness center, clubhouse, swimming pool, and laundry facilities along with 860 parking spaces.
Cushman & Wakefield’s Jordan McCarley, Tai Cohen and Marc Robinson of represented the seller. In a statement, the brokerage noted that capital investment in Harbor Pointe could produce a rental increase of more than $300 per unit. The community is within walking distance of retailers including Whole Foods, Harris Teeter and Patriots Plaza Mall and has access to more than 98,000 jobs in the area.
Audubon specializes in repositioning multifamily assets and has a portfolio across Georgia, Louisiana and the Carolinas. Earlier this year, the company acquired Liberty Oaks Apartments, a 300-unit affordable housing property in Savannah, Ga., from Hunt Cos., and the rebranded the community as Canvas at Savannah.