Another Record Year of Transactions
Softer lending conditions along with low interest rates and high occupancy across all commercial property types motivated investment sales throughout the Charleston, SC market in 2014. Investment sales in Charleston, SC totaled over $886 million in 2014 surpassing the 2013 sales transaction volume of $663 million, up 33%, according to New York-based Real Capital Analytics. The greatest amount of activity was seen among multifamily properties with sales totaling $417 million. The largest transaction of the year was the sale of Campus Center, a student housing community, for $69 million.
Over 20 multifamily communities, comprised of 3,400 units throughout Charleston, traded in 2014, with an average price per unit of $123,000. The average price per unit was skewed upwards by the sale of four significant new developments, two of which were student-housing related. Significant sales include 400 Meeting, Campus Center and Elan Midtown, among others.
- 400 Meeting is a 41-unit off-campus student housing community that delivered in Fall 2013 with a 100% occupancy rate. The property sold in February 2014 for a record-setting price of $18.4 million, or $448,780 per unit.
- Campus Center Apartments is a luxury student housing community in the heart of Charleston’s Historic District and adjacent to the College of Charleston Campus. Located on 1.06 acres at 50 George Street, the eight-story building consists of 419 beds and 201,268 total square feet. The complex offers fully furnished two, three and four bedroom apartments. In April 2014, Campus Center sold for $69 million, or $169,677 per bed.
- Elan Midtown, a 200-unit complex offering studio, one and two bedroom units along Meeting Street, was acquired by JP Morgan in October 2014 for $64.1 million, or $320,300 per unit.
- Heitman acquired The Boulevard in Mount Pleasant early in 2014 for $66.5 million, or $204,615 per unit.
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