Baltimore company buys Mount Pleasant apartments for $55.5 million

Listen to this article

Sweetgrass Landing Apartments in Mount Pleasant has sold for $55.5 million.

The acquisition is Continental Realty Corp.’s fifth asset in the greater Charleston area.

Developed in 2001, Sweetgrass Landing Apartments are located at 1100 Legends Club Drive and encompass 14, two-story buildings. Formerly owned by Chaucer Creek Capital, the apartment complex was 96% leased at the time of the off-market transaction. CRC acquired 175 of the 200 units with the sale. The remaining 25 are privately-owned condominiums.

Ari Abramson, CRC’s vice president of acquisitions said the company’s “deep relationships” forged within the local real estate community are what made the transaction possible.

“Sweetgrass Landing has an impressive track record of performance and, after the completion of an extensive renovation and upgrade strategy, we confidently believe we can significantly elevate this asset to best-in-class status,” Abramson said in a statement.

Based in Baltimore, CRC is a commercial real estate and investment company that focuses on acquiring and operating retail and multifamily properties. 

Abramson added that CRC intends to seek out further regional acquisitions to grow the company’s portfolio.

Sweetgrass Landing Apartments was purchased on behalf of Continental Realty Fund V L.P., a $210.8 million private equity fund that focuses on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions.

The Sweetgrass acquisition comes less than two months after CRC purchased another Mount Pleasant apartment complex, The Six Apartments, for $27.5 million. The two acquisitions represent the fund’s fifth and sixth multifamily community acquisitions.

CRC also owns and manages Mount Pleasant Towne Centre — acquired in 2020 for approximately $147 million — and Central Island Square. The mixed-use project on Daniel Island contains 313 multi-family units and was purchased that same year for $91.75 million. CRC also owns and manages West Ashley Shoppes after a $17.3 million transaction in 2016. The nearly 140,000 square foot neighborhood retail center in Charleston is anchored by Bed, Bath and Beyond.