Charleston Apartment Building Sells For $ 134 Million In One of Lowcountry’s Most Expensive Real Estate Deals | Real estate
A mixed-use building in the WestEdge development was recently sold for almost $ 134 million in one of the most expensive deals recently for a commercial structure in the Charleston area.
A company called Mt. Pleasant Investments LLC purchased the nine-story 10 WestEdge apartment and commercial building on the corner of Lockwood Drive and Spring Street for $ 133.9 million from 10 West Edge Owner LLC, a subsidiary of South City Partners of Atlanta on July 27, according to Charleston County Lands. records.
The Georgia-based developer purchased the land in Building 10 WestEdge from the South Carolina Medical University in 2016 for $ 9 million.
Building 10 WestEdge has 350 apartments and 870 parking spaces. Based on the number of units, the sale price is $ 383,563 per key. The structure of the apartments includes units ranging from studios to three bedrooms. Rental rates start at over $ 1,500 and go up to over $ 7,000 for the penthouse.
The building also includes the Publix supermarket, but the grocery store was not included in the last transaction.
Last December, a Colorado company paid $ 24.5 million for the 52,600 square foot space where the Publix supermarket operates on the ground floor of Building 10 WestEdge.
Denver-area Helten Enterprises LLC purchased the property. Property records show Ronald J. Helten of Lone Tree, Colorado, as CEO of an eponymous property management company.
The sale did not affect the operation of the supermarket. It remains open.
The transaction marks the second sale of an apartment building in the WestEdge development in two months.
In late May, a subsidiary of Fairfield Residential, a San Diego-based company that owns, manages and develops multi-family communities, purchased the 237 Caroline Apartments at 99 Westedge St. across from Joe Riley Baseball Park for $ 76.75 million. dollars, or approximately $ 324,000. a key, according to Charleston County Land Records.
The previous owners were South City Partners and Gateway Development, also of Atlanta, and ELV Associates Inc. of Boston, according to commercial real estate company Cushman & Wakefield, which represented the sellers in the transaction.
They bought the 1.65 acre undeveloped parcel in 2016 for $ 4.6 million from the city of Charleston through a company called 99 West Edge Developer LLC.
Completed in 2018, the seven-story structure overlooks Brittlebank Park next to the Ashley River and is close to the Citadel’s Johnson Hagood Stadium.
The 60-acre WestEdge development includes another structure. The eight-story 22 WestEdge office building is located adjacent to the 10 WestEdge Apartments. It was completed in 2020, completing the first phase of construction in the area bordered by Spring, Lockwood, Hagood and Fishburne streets.
The sale of 10 WestEdge is one of the largest dollar commercial real estate deals in the Lowcountry.
In February 2020, Baltimore-based Continental Realty Corp. purchased the Mount Pleasant Towne Center for $ 147 million.
The previous highest amount that would have been paid for an apartment development on the peninsula was over $ 82 million.
Last December, Charlotte-based Madison Capital Group purchased the 275 Foundry Point apartments at 6 Huguenin Avenue off Morrison Drive for $ 82.4 million, or nearly $ 300,000 per key, from a subsidiary of apartment developer Middle Street Partners.
To reach Warren L. Sage at 843-819-9269. Follow him on Twitter @warrenlancewise.