The Greenville-based SVN | BlackStream team recently sold Alston Arms Apartments in the emerging submarket of North Charleston for $12.1 million.
Joey Weinel, Jonathan Kessler, and Keith Nelson represented the seller on the sale with no buyer representation.
Alston Arms Apartments consists of 160 units, all two bedrooms and one bath. Built in 2007, Alston Arms sits on 8.73 acres with 7,200 square feet.
“In this transaction, the SVN BlackStream Multi-Family Team was able to successfully meet the needs of both the buyer and seller,” Weinel says. “For our seller client, it was an opportunistic time to sell with the market we are currently in and his original 10-year note coming due. The buyers were able to use attractive long-term leverage to buy a newer cash flowing product in a rapidly gentrifying North Charleston submarket with an immediate opportunity for rent appreciation and long-term growth.”
The apartment complex is located in close proximity to Bosch Charleston Plant, Northwood Mall, and the Charleston Airport, and within a 10-minute drive to the Charleston Naval Base.
The SVN BlackStream Multi-Family Team is ranked in the 7 percent of 1,500-plus SVN advisors in the nation.