Spectrum Sells Charleston Luxury Community for $51M
- Jul 31, 2019
The Spectrum Cos. has sold Paxton Point Hope, a 274-unit high-end community within Point Hope Commons, a 9,000-acre mixed-use development in Charleston, S.C. VTT Management acquired the asset for $51.1 million, marking their fifth purchase in the market. Caleb Troop and Alex McDermott of Capstone Apartment Partners negotiated the deal on behalf of the seller and procured the buyer.
Located at 201 Sawyer Circle in the Cainhoy Plantation, Paxton Point Hope is near Interstate 526 and Highway 41. The new Publix-anchored shopping center part of Point Hope Commons is within walking distance. Downtown Charleston is roughly 20 miles south of the 21.6-acre property and Charleston International Airport is within a 30-minute drive west.
The Class A property comprises 12 three-story buildings, including carriage homes. The unit mix features studios and one- to three-bedroom apartments, with floorplans averaging 1,008 square feet, per Yardi Matrix data. Common-area amenities include a 4,100-square-foot fitness center and a 7,500-square foot-clubhouse and lounge, as well as a resort-style saltwater pool, dog park and game room. The newly constructed community broke ground in 2017, was completed this summer and was approximately 35 percent occupied at the time of sale.