Exciting Times for North Charleston: Two Apartment Properties Sold!
North Charleston is buzzing with some thrilling news in the real estate market! Two prominent apartment properties, The Edge on Noisette Creek and South Circle, have been sold for a whopping $7.6 million. This transaction marks a significant moment in the area’s growing appeal for multifamily investments.
A Growing Demand
This sale was managed by Marcus & Millichap, a well-known commercial real estate brokerage that specializes in investment sales, financing, research, and advisory services. According to Ryan Lipomi, a senior associate at the firm, this deal spotlights the consistent demand for multifamily assets that are well-placed in North Charleston. He remarked, “The properties presented a unique opportunity for the buyer to acquire stabilized assets in a rapidly growing submarket, with strong potential for future value appreciation.”
It’s not just about the numbers; it’s about what these properties bring to the table. Situated in a vibrant part of North Charleston, both locations are close to fantastic amenities, including the beautiful Riverfront Park and a variety of shopping and dining options on East Montague Avenue in the Park Circle area.
Details About the Properties
Let’s dive into what exactly makes these properties special. The Edge on Noisette Creek, located at 1005 Buist Ave., covers three acres and was built back in 1974. This property includes 32 two-bedroom floor plans, perfect for families or roommates looking for some space.
On the other hand, South Circle is set at 1079 Bexley St. and has been around since 1970. This gem features 14 units that come in a mix of one-, two-, and three-bedroom layouts, catering to a diverse range of potential renters.
Modern Amenities
Both properties aren’t just about the location; they also boast a variety of amenities that make them attractive to residents. Imagine having access to fitness rooms, meeting and office workstations, and a stylish lounge with a rooftop terrace! These features not only enhance the living experience but also cater to modern lifestyle needs.
Who Made This Happen?
The successful transaction was a team effort with Lipomi, William Graves, and Nate McDaniel from Marcus & Millichap’s Charleston office actively marketing the properties for the seller. They played a crucial role in bringing the buyer on board, showcasing the value and potential these apartments hold. Additionally, the acquisition financing was arranged by the IPA Capital Markets team, led by managing director Bobby Werhane in Charlotte.
A Positive Outlook for North Charleston
As North Charleston continues to develop and grow, this sale is a clear indication of the bustling real estate market in the area. The combination of favorable location and modern amenities means that properties like The Edge on Noisette Creek and South Circle are likely to attract even more interest in the future.
In conclusion, whether you’re a resident, a local business owner, or simply someone fascinated by the dynamic shifts in North Charleston’s housing landscape, this news paints a bright future for the area. With growing demand and increasing investment, it’s indeed an exhilarating time for the North Charleston community. Who knows what the next big announcement will be?
