Marcus & Millichap : Closes Three-Property Multifamily Portfolio Sale in North Charleston

NORTH CHARLESTON, S.C., Jan.13, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-property, 430-unit multifamily portfolio in North Charleston, South Carolina. The portfolio sold for $68,845,001, which equates to $160,105 per unit and a 3.4% cap rate after tax adjustment.

"North Charleston's limited supply of Class B assets are achieving historically high occupancy rates as the submarket continues its rapid pace of economic growth," said Ian Turnbull, senior associate in Marcus & Millichap's Charleston office. "This well-maintained, early 2000s-built portfolio gives the buyer the opportunity to increase revenue significantly by completing a targeted interior renovation plan." Turnbull, Jim Davis, Nate McDaniel and William D. Graves Jr., represented the seller, the developer of the properties, and procured the buyer, a private investor.

The properties are:

Summerfield Apartments, 152 units built in 2009, $24,730,667

Willow Ridge Apartments, 145 units built in 2002, $22,475,000

Dove Creek Townhomes, 133 units built in 2010, $21,639,334

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.