West Shore Expands Footprint With Charleston Buy
The asset previously traded in 2019 for $46.8 million.
West Shore has acquired The Preserve at Essex Farms, a 284-unit multifamily property in Charleston, S.C. Ascent Residential sold the asset, according to Yardi Matrix information.
The property previously changed hands in 2019, when Ascent acquired it for $46.8 million from Continental Properties, the same source shows.
The 2016-completed community encompasses 12 two-story buildings spread across 25 acres. Units consist of one-, two- and three-bedroom layouts, ranging between 525 and 1,430 square feet. Apartments feature washers, dryers, walk-in closets and private balconies or patios in select units.
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Common-area amenities include a swimming pool, fitness center, coffee bar, business center and clubhouse, along with a barbecue area and pet-oriented facilities. Additionally, the property has more than 560 parking spaces.
Located at 3245 Glenn McConnell Parkway, The Preserve at Essex Farms is in the West Ashley neighborhood, close to the Ashley Crossing shopping center. Downtown Charleston is less than 9 miles away, while Charleston International Airport is some 7 miles northeast.
A CBRE team of Senior Vice Presidents Jim Sewell and David Lansbury, alongside Vice President Erika Maston, represented the seller in the transaction, according to the Charleston Regional Business Journal.
West Shore’s growing multifamily footprint
West Shore’s current portfolio comprises more than 15,000 units spanning the Southeast and Southwest. This deal marks the company’s ninth purchase in the state, bringing the total number of apartments owned and managed in South Carolina to nearly 2,500, according to the firm.
In March last year, West Shore purchased Solis Nexton, a 320-unit luxury community in Summerville, S.C. The property is part of Nexton, a 4,000-acre master-planned development.
Other notable deals include the firm’s acquisition of The Livano at Bluewood, a 272-unit community in Celina, Texas, a Dallas suburb. LIV Development and Mesa Real Estate Partners sold the asset.
