Florida firm enters market with purchase of Daniel Island apartments

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Argyle Real Estate Partners, a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, has bought a 264-unit community in Charleston.

The acquisition of Newbrook Point Hope marks the company’s first in the Charleston market. The apartments are near the intersection of Clements Ferry Road and Point Hope Highway in the Daniel Island area.

The price paid for the property was not disclosed.

“Argyle is pleased to tap into unchartered territory and close out the year with the acquisition of Newbrook,” Ryan Reyes, CEO of Argyle Real Estate Partners, said in a news release. “Given its location and accessibility, the mint condition of the asset, and the development planned for the area, which we believe will help spur future growth, we’re confident that Newbrook will be one of our standout properties.”

Newbrook offers studios, and 1, 2 and 3-bedroom apartments with unique floorplans averaging more than 1,000 square feet, the release said. Apartments feature stainless-steel appliances, quartz countertops, walk-in closets, modern fixtures, and full-size washers and dryers; while the property’s amenity suite, which draws its design and inspiration from the area’s coastal surroundings, includes a full-service clubhouse, a resort-style saltwater pool, a pickleball court, fitness center, a dog park known as the “Doggy Paddle,” and green space with community trails for walking, biking and running that also provide access to other neighboring attractions. Greystar of Charleston will oversee operations onsite.

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“Newbrook fits our investment criteria of buying well located assets for below replacement cost in strong and desirable submarkets.” Mike Cacciatore, principal for Argyle Real Estate Partners, said in the release. “By being within walking distance to Publix, 30,000 square feet of quality retail, and A-rated public schools, Newbrook offers access to an unparalleled, walkable community that is and will remain desirable to prospective tenants over the long term.”