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Charthouse Apartments on James Island sells for $8.5 million

Staff //September 14, 2020//

Charthouse Apartments on James Island sells for $8.5 million

Staff //September 14, 2020//

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The Charthouse Apartments on James Island has been acquired for $8.5 million by Durham Hill Capital LLC and Hoplite Capital Strategies, according to a news release.

The sale of the 48-unit, class A multifamily community at 1559 Folly Road was facilitated by Woodlock Capital, a Charleston real estate brokerage and investment firm.

Andrew Batkins, a partner at Woodlock, said the biggest incentive for purchasing the property on James Island was the Folly Road Overlay, a zoning rule put in place in 2017 to help prevent further construction of large apartment buildings on the road.

With the overlay, he said it’s difficult to build another property of The Charthouse’s size and scale in that area.

“You can’t build this product anymore, with its four stories,” Batkins said.

Since the acquisition, the apartment complex is now under the management of Sundance Property Management based in Ohio.

Nashville, Tenn., real estate firm Durham Hill Capital focuses on multifamily real estate investments. Batkins said the company has been looking to grow its portfolio in the Southeast and in the Charleston metropolitan statistical area. Currently, the company has $60 million in assets under management and more than 1,000 units throughout the Southeast.

Batkins said Durham Hill Capital and Hoplite Capital Strategies are looking to acquire additional properties to grow their North and South Carolina portfolios and plan to continue working with Woodlock Capital.