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Investors purchase North Charleston apartment complex for $22.5 million

Real Estate - Residential
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By Ashley Heffernan
aheffernan@scbiznews.com
Published Feb. 15, 2016

A North Charleston apartment complex was sold recently for $22.5 million.

Virginia-based Kettler Inc. and New York-based real estate investment company The Stillman Group purchased Jamison Park Apartments from Middle Street Partners, according to a news release Thursday from the new owners.

Jamison Park, located at 2245 Greenridge Road, includes 216 apartment units. The property’s new owners plan to renovate the clubhouse, upgrade the pool area, add a dog park and renovate some units, spokeswoman Emily Atkinson said.

In November, Kettler and Stillman purchased Paces Watch Apartments in Mount Pleasant and Waverly Place Apartments in North Charleston. The combined 472 apartment units were purchased for $58.55 million from Fairfield Paces Watch LLC and Fairfield Waverly LLC.

With the new additions, Kettler now manages roughly 33,000 units from New York to the Carolinas and Texas, the release said.

“This demonstrates the continuing trend of institutional capital identifying Charleston as a stable, rapidly growing market with favorable economic trends and recognized employer expansion into the area,” Kevin Kempf, a senior associate at CBRE Carolinas, said in the release. Kempf brokered the Jamison Park transaction.

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

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