Think Multifamily Buys South Carolina Asset
The asset previously traded five years ago for $12.1 million.
Alston Arms
Think Multifamily has paid $28.1 million for Alston Arms Apartments, a 160-unit community in North Charleston, S.C. The seller was Eskay Management, according to Yardi Matrix data, which had purchased the asset for $12.1 million in 2017. Aline Capital represented the buyer in the current deal.
Situated on 8.7 acres at 2410 Alston Ave., the mid-rise community comprises two-bedroom apartments of 900 square feet. Amenities include laundry facilities and on-site parking. The 2007-built property was undergoing both interior and exterior renovations at the time of sale and the current owner intends to continue these efforts.
Alston Arms is roughly 14 miles from downtown Charleston, S.C., just west of Interstate 26 and north of Charleston International Airport. The location provides easy access to several shopping and dining options just south of the property.
Aline Capital Directors Johnathan Kessler and John Drummond negotiated on behalf of Think. Kessler said in prepared remarks the submarket of North Charleston has seen significant growth over the past few years and continues to be a driving factor for the growth of the Charleston market. He also mentioned a greater influx of residents in the area.
Yardi Matrix shows nearly 1,500 multifamily units have traded across Charleston in the last three months. One of these transactions involved a 132-unit community in Summerville, S.C., that Fogelman Properties acquired in June.
