Exclusive Preview: Be the First to Access Charleston's Hidden Real Estate Deals

Author

Paul Kelton
April 10, 2024

IN THE NEWS

A massive, 284-unit apartment in Charleston sold?

The Preserve at Essex Farms, a 284-unit apartment community located in the West Ashley submarket of Charleston, has been sold in a transaction arranged by CBRE and closed on March 19. While financial terms were not disclosed, the purchaser, West Shore, a real estate investment firm, sees this acquisition as a significant milestone, marking their ownership and operation of over 15,000 units across the southeastern and southwestern United States in less than eight years. The property boasts a range of floor plans and amenities including a resort-style pool, fitness center, and pet-friendly facilities, with potential for further enhancement through interior renovations.

 PAUL'S MARKET PHILOSOPHY

Exclusive Preview: Be the First to Access Charleston's Hidden Real Estate Deals

We are developing a special list of real estate opportunities in the Charleston area, available exclusively to a select group of buyers. These buyers will have early access to properties before they are publicly listed.

You're a great candidate for this opportunity if you:

  1. Have a clear investment strategy and adhere to it consistently.

  2. Possess experience in similar property transactions.

  3. Have your debt/equity lined up

  4. Take your Letters of Intent (LOIs) seriously and commit to your decisions.

  5. Provide honest feedback on each property, particularly if it doesn’t meet your needs.

  6. Agree to confidentiality agreements for access to these exclusive deals.

About 95% of these opportunities will involve properties ranging from 2 to 100 units, located in specific submarkets of Charleston, SC: The City of Charleston, Mt. Pleasant, West Ashley, North Charleston, James Island, Goose Creek, Moncks Corner and extending to Summerville.

We launched a smaller version of this initiative, which brought significant value to our clients. If you're interested in participating, please fill out the form below. Our team will contact you to discuss the next steps.

NEW DEALS

As of this week, there have been 7 new listings.

420 King Street - This mixed-use building includes office and residential units, 2 retail spaces, and a stable income from FP Movement for the next decade. Located in an Opportunity Zone, it offers tax incentives. Surrounded by luxury hotels, boutique shops, restaurants, and near the College of Charleston campus, the property enjoys high foot traffic and business opportunities.

78 & 80 Drake St - 12-unit property located downtown near Cigar Factory. Each unit features 2 bedrooms and 1 bathroom. Potential for condo conversion. Situated in a high-growth area with an excellent rental history, offering potential rent increases in 2024. Property is fenced and gated with 18 parking spaces. In very good condition, with 2 units updated in 2023.

199 Spring Street - a single-style multifamily property in the heart of Charleston, just minutes from downtown attractions. Commercially zoned, offering diverse business opportunities. Features multiple units: 2 studios, 1 apartment, and 2 larger units. Each unit has 1 bedroom and 1 bathroom, with varying sizes. Property boasts hardwood floors, double porches, and a recoated roof within the last 5 years. Rare ample parking in rear, a valuable asset in downtown Charleston. Property treated quarterly for termites.

102 Line Street - property inlcudes 6 townhouse-style units, each featuring 4 bedrooms, 4.5 bathrooms, garage, and rooftop deck. Potential for condo conversion for investors. Rooftop decks and boards redone, new TPO roofs installed in 2022. Unit breakdown: Unit A: 1,859 SF, Unit B: 2,018 SF, Unit C: 2,195 SF, Unit D: 2,195 SF, Unit E: 1,955 SF, Unit F: 1,955 SF. 13 off-street parking spaces, including garages.

1 Villa Drive - quadraplex with 4 condominiums: 3 rented long-term tenants, 1 set up for Airbnb. Completely renovated with new HVAC, LVT flooring, granite countertops, and stainless appliances. Located near multiple industries and 3 recreational lakes. Situated on over 40 acres of rolling foothills with extensive amenity complex, including on-site boat/RV storage.

406 Malibu Drive - (Malibu Apartments) a 73-unit community on 3 acres in Orangeburg, South Carolina. Current ownership invested over $500k in Capex in the past year. This includes $286,000 for interior renovations on 50 units (average cost $5.7k per unit) and $235,000 for exterior improvements, including new roofs, and a cap rate of 6.46%. Ownership covers common area electric expenses; tenants pay other utilities. On-site office and outsourced laundromat. New ownership can continue value-add strategy by renovating remaining 23 units and addressing 14% loss to lease.

112 Growden Lane - (The Haven) built-to-rent community in Charleston, South Carolina. Presents a significant value-add investment opportunity. Current occupancy: 100%. Goal to reposition rents just below market level within two years.

1 property has gone under contract, but nothing has closed.

6216 Murray Dr - 12 townhouse units, each with 2 bedrooms and 1.5 bathrooms. Full renovation completed in 2023, including roofs, windows, HVACs, flooring, luxury countertops, hardware, cabinets, and exterior paint. Units are two stories, with kitchen, half bath, and laundry on the first floor, and two large bedrooms with walk-in closets and a full bathroom on the second floor. Units are 1,200 square feet, among the largest in Charleston. First lease-up completed, with rents set to increase by 14% in the next cycle.

The below list contains every single multifamily property (5+ units) being publicly marketed in Charleston that we have compiled from LoopNet, Crexi, Costar, and 2 different multiple listing services.



Should any of these properties interest you, please do not hesitate to reach out to me directly. I would be more than happy to provide you with the additional information I have on file.