Greystone Brown Brokers $54M South Carolina Sale
- Sep 04, 2020
Greystone Brown Real Estate Advisors has arranged the sale of Preserve at Port Royal, a 400-unit community in Port Royal, S.C., for $54.1 million. Greystone Brown’s Jim Jarrell, Steve Mack and Walter Miller represented the seller, Prominent Realty Group, in the transaction. Merchants Bank of Indiana provided $40.6 million in acquisition financing, according to public records.
Situated on a nearly 22-acre parcel at 1 Preserve Ave. W., Preserve at Port Royal encompasses 21 buildings and features a mix of one- and two-bedroom units, averaging 974 square feet. Amenities include a newly upgraded fitness center, two swimming pools, a library, two business centers, two outdoor kitchens and a bird sanctuary.
The property is 1 mile from downtown Port Royal and Port Royal Elementary School. It is also within walking distance of several retail options, including Dollar General and Port Royal Farmer’s Market. The community is 2 miles northeast of the entrance to the 8,100-acre Parris Island military installation.
In August, a Greystone Brown team, including Miller and Jarrell, brokered the sale of a 230-unit community in Atlanta. The property traded for $27 million.