Passco Cos. Pays $78M for South Carolina Property
- Sep 14, 2020
Passco Cos. has acquired One Hampton Lake, a 330-unit Class A community in Bluffton, S.C. Southeastern Co. sold the asset for $78 million.
Built in 2018 and renovated this year, the garden-style property comprises one-, two-, and three-bedroom apartments, with quartz countertops, stainless steel appliances and private patios/balconies. Common-area amenities include a swimming pool, kayak launch and storage, fitness center, outdoor lounge, pet park and grilling areas. The new owner retained Greystar as property manager.
Located at 11 Parklands Drive, on 35 acres, the community is 10 miles from Interstate 95. The surrounding area has several retail and dining options, including Berkeley Place, which is within 3 miles of the asset. Major employers in the region include Gulfstream and Wayfair.
Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco Cos. In June, KeyBank secured a $43.8 million Freddie Mac construction loan for the development of a 376-unit, partially affordable community in San Marcos, Texas. The $55.6 million project is scheduled for completion in 2022.