Charleston-area apartment communities sell for $18M and $24M in separate deals

A pair of Charleston-area apartments recently changed hands in separate deals. 

Ohio-based real investment firm CREC Real Estate recently partnered with Rincon Capital Partners of Miami and Colombia, South America, to buy the 96-unit Planters Trace Apartments at 2222 Ashley River Road near the Mark Clark Expressway for nearly $18 million, according to Charleston County land records.

The new owners said they plan to invest $2.8 million to upgrade common areas, amenities and unit interiors on the 10.6-acre site, where the Class-B apartments were built in 1974.

  • By Warren L. Wise

Current rents start at $1,265 a month for a one-bedroom unit, according to the apartment complex’s website.

“The area around Charleston is seeing a demand for quality apartment housing, and hiring and investment trends point to that need remaining strong for the foreseeable future,” said Aaron Dixon, president of CREC. “Our firm’s investment strategy focuses on enhancements to the marketability of the property through targeted capital improvements.”

Lakewood Lodge Apartments in Hanahan recently sold for $24.4 million. Lakewood Lodge/Provided

Also changing hands recently is the 130-unit Lakewood Lodge multifamily property at 6000 Mabeline Road in Hanahan.

Virginia-based Cohen Investment Group paid $24.44 million for the property, according to commercial real estate firm Berkadia, which handled the sale for the seller, Eskay Management of New Jersey. The deal also involved $19.2 million in financing through Prime Finance, according to Berkadia.

  • By Warren L. Wise

The Berkeley County rental property features one- and two-bedroom units with private patios. Amenities include swimming pool, fitness center, business center, clubhouse, playground and laundry facilities.

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Monthly rental rates range from $1,299 to $1,489, according to

The Hampton is one of four decorated model homes available for viewing in Sea Island Preserve on Johns Island. Pulte Homes/Provided

New homes

Four decorated model homes are now available in a planned 387-home community on Johns Island.

The coastal models are in Pulte Homes‘ gated Sea Island Preserve development with estate-sized, single-family residences on Sea Island Parkway off Main Road.

The four new model homes are among 11 floorplans being offered, ranging from 1,600 square feet to more than 3,000 square feet. Prices range from low $400,000s to mid $500,000s.

  • By Warren L. Wise

The builder is releasing nine homesites each month in the community with 360 acres set aside for conservation.

“The demand has been extraordinary, with homesites being scooped up by interested homebuyers almost as fast as they are being released,” said Jacob Reynolds of Pulte. 

The model homes are open by appointment only. Go to for details.

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This content was originally published here.