FCP Buys $16M Charleston Apartments
- Oct 31, 2017
Federal Capital Partners acquired Gates at Summerville, a 232-unit garden-style apartment community in Charleston, S.C., from Somerset South Carolina LLC. The company paid $16.4 million for the property.
Gates at Summerville offers one-, two- and three-bedroom units. Common amenities include a fitness center, playground, swimming pool and outdoor grilling area.
FCP plans to add a dog park, sport court and improve the landscaping, common areas and curb appeal. The clubhouse, fitness center and pool area were recently renovated. FCP is engaging Bell Partners as the new property management firm.
“Gates at Summerville presented us with the opportunity to purchase an off-market investment in the thriving I-26 corridor,” said FCP Senior Associate Alex Cathcart. “We believe it will benefit from some well-placed capital improvements.”
The Gates at Summerville marks FCP’s sixth investment in the Charleston area. Elliot Calhoun of NAI Charleston and Andrew Batkins of Avison Young represented the buyer and seller in the transaction.
Image courtesy of Federal Capital Partners