Baltimore-based commercial real estate investment and management company Continental Realty Corporation has acquired Avana at Carolina Point, a 346-unit apartment community located at 201 Carolina Point Parkway in Greenville for $51.75 million.
Avana at Carolina Point was constructed in 2010 and was previously owned by Greystar Real Estate Partners and their joint venture partner, Lubert-Adler. The apartment community is adjacent to TD Bank’s Regional Campus and includes amenities such as an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park.
“Avana at Carolina Point satisfied each value-add criteria in our evaluation and analysis process,” said J.M. Schapiro, CEO of Continental Realty Corporation. “The apartment community was purchased for below replacement costs and is in excellent physical condition with a diverse amenity package for its residents. In order to add significant value to this asset, CRC intends to invest in unit upgrades as well as expanding the fitness room and improving the clubhouse and resident amenities. Newly renovated units will feature granite countertops and wood-plank floors that will command higher rental premiums. We also intend to install Nest Learning Thermostats in each unit, which will enable residents to save money and conserve energy with the ability to remotely control the temperature with their smartphone device. These improvements will allow Avana to continue to be operated as the top luxury apartment community in the sub-market.”
CRC was founded in 1960, and manages a diversified portfolio of retail centers consisting of more than 3 million square feet of space, as well as apartment communities featuring more than 8,000 units throughout the Mid-Atlantic and Southeast regions. Continental Realty Fund IV LP represents the fourth fund established by CRC. This is the initial acquisition for the fund.