Two real estate investment firms have partnered to acquire The Factory at Garco apartments for an undisclosed amount, with plans to invest $1.1 million in upgrades over the next two years.
Atlanta-based Pollack Shores Real Estate Group LLC and Admiral Capital Group — a real estate and private equity investment firm co-founded by former San Antonio Spurs basketball player David Robinson — plan to upgrade the North Charleston apartments with stainless steel appliances and high-end lighting, among other changes.
The 271-unit apartment community in Park Circle opened last year.
“Charleston has strong underlying fundamentals and has been a target market for Admiral for a few years due to the diversified economy, robust population and job growth and an overall appeal to millennials and others looking for reasonable cost of living and a balanced lifestyle,” Dan Bassichis, co-founder and managing partner at Admiral, said in a news release.
The Garco acquisition is Admiral’s first investment in the Lowcountry market.
“We are thrilled to make our first investment in Charleston, a city with strong military roots, which resonates with me personally,” Robinson said. “In particular, we find the revitalization of the North Charleston area to be exciting and we look forward to supporting local community efforts.”
Pollack Shores announced plans earlier this year to develop The Merchant, a luxury apartment community on Morrison Drive in downtown Charleston. That project is expected to open in July.
“The Factory at Garco has all of the right ingredients to fuel significant revenue growth and is an excellent addition to our growing portfolio in the Charleston area,” Pollack Shores President and CEO Steven Shores said in the release. “The project’s convenient access to retail, dining and entertainment, as well as parks and urban trails, align with the demands of today’s Class A renters.”
Matrix Residential, the property management division of Pollack Shores, will oversee day-to-day operations at The Factory at Garco community.