West Shore Buys 3 in the South

The transactions total more than 900 units.

Sweetwater Apartments

West Shore has bought three properties in the South of the U.S. The firm’s portfolio now includes Sweetwater Apartments, a 320-unit luxury community in Charleston, S.C., Vantage at Wildewood, a 264-unit property in Columbia, S.C., and Uptown Village, a 322-unit asset in Gainesville, Fla.

Evergreen Residential sold the Gainesville community for $73 million, with Prime Finance Partners securing $61.6 million in financing, Yardi Matrix data shows. Kassinger Development Group was the seller of Sweetwater Apartments, while Collins Group previously purchased Vantage at Wildewood for $30.5 million in 2020, according to the same data provider shows.

West Shore’s strategy is to acquire properties in markets the company is familiar with, mentioned President Lee Rosenthal, in a prepared statement. The company now owns some 12,000 units across seven states. 

Secondary and tertiary multifamily markets in the Sun Belt are having a strong run, boosted by a healthy economic rebound and favorable demographic trends. Even considering seasonal deceleration in the fourth quarter, many of these cities recorded strong double-digit rent growth in 2021.  

Properties breakdown

Completed in 2018, Sweetwater Apartments is an 18-building luxury asset, standing three, four and five stories tall, encompassing studio, one-, two- and three-bedroom apartments. The community includes six deep water docks for residents’ use, a private boat ramp and a kayak ramp, as well as a fitness center, a business center, clubhouse and a pool. Located at 12000 Sweet Place, the property is close to Daniel Island, which offers dining, retail and entertainment options.

Vantage at Wildewood

Vantage at Wildewood comprises 21 buildings with one-, two- and three-bedroom apartments, ranging from 845 to 1,429 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a tennis court, a pool and laundry facilities.

Completed in 1998, the asset is located at 811 Mallet Hill Road, next to the Sesquicentennial State Park, offering access to green areas. Interstate 20 is less than half a mile south of the property, connecting it to dining and retail options.

Finished in 2004, Uptown Village encompasses 17 buildings with one-, two- and three-bedroom apartments, averaging 1,121 square feet. Community amenities include a pool, shaded cabana, nature trails and a dog park. Located at 3780 NW 24th Blvd., within 3.6 miles of the University of Florida and less than 5 miles from downtown Gainesville, the asset is close to important entertainment and employment hubs.

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