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West Ashley apartment complex sold, rebranded as 1000 West

Real Estate - Residential
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Irvine-Calif.-based Passco Cos. LLC is rebranding the Woodfield South Point apartment complex in West Ashley, which it recently purchased for $38.5 million, as 1000 West, according to a news release.

The company bought the 240-unit complex, which was built in 2009 at 1000 Bonieta Harrold Drive in Charleston, from Arsenal Real Estate Partners.

Passco Cos. LLC recently purchased the Woodfield South Point apartment complex for $38.5 million. (Photo/Provided)“West Ashley is quickly becoming one of Charleston’s most desirable suburbs and is positioned for long-term economic growth,” Colin Gillis, vice president of Southeast acquisitions at Passco, said in the news release. “The area’s population has increased by more than 50% over the last five years. Centrally located near some of the region’s strongest employment hubs, West Ashley consistently demonstrates high-quality demographics. For example, the average annual household income within a one-mile radius of 1000 West is over $90,000 a year.”

West Ashley is also positioned for long-term rent growth, he said.

“The property has experienced year-over-year rent increases of approximately 6% over the last three years, even in the face of over 1,000 deliveries to the submarket,” Gillis said.

The complex includes a saltwater pool and tanning deck, outdoor grills, a clubhouse with outdoor fireplace, media and entertainment lounge, cybercafe, dog park and carwash station, the news release said.

Reach Ashley Heffernan at 843-849-3144.

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