Charleston-Area Community Changes Hands for $11M
- Mar 02, 2018
DoUnto Partners has sold The Forest at Fenwick, an 80-unit community in Johns Island, S.C., for $11 million, or $137,500 per unit, to an undisclosed buyer. Kyle Chase, Neil Chrisp and Chris Yeagle were part of The Kirkland Co. team that represented the seller and brokered the deal. Last year, The Kirkland Co. also represented the seller, Homestead Rental Properties, when the company sold The Luxe at Indian Lake Village, a 94-unit luxury community in Hendersonville, Tenn.
Located at 15 Stardust Way, The Forest at Fenwick is within a 22-minute drive of Charleston, S.C. In March 2016, DoUnto Partners acquired 72 of the 80 units of the condo community for $4.9 million from the original developer. Following a $1.3 million investment in amenity additions, interior upgrades and acquisition of eight individually-owned condos, DoUnto converted the condo property into a garden-style apartment community. Built in 2005, the 14-building asset includes two-bedroom apartments, as well as a remodeled clubhouse, a fitness center, a dog park, a swimming pool and outdoor grilling area.
The Johns Island submarket is benefiting from renters that are being priced out of Charleston. The region’s continued employment and population growth leave the market primed for continued strong apartment performance.
Image courtesy of Yardi Matrix