The Apartments at Shade Tree, a multifamily community in Johns Island, has been sold to a Savannah-based real estate investment firm for $42.25 million.
Shade Tree is an 11-building, 248-unit community off Maybank Highway on Wildts Battery Boulevard. It was built in 2016 by The Kalikow Group, a Westbury, N.Y.-based property development and management firm, in partnership with Folly Beach real estate developer EYC Cos. and Miami-based Breakers Capital Partners, which provided equity.
“When we first envisioned Shade Tree, we knew it would be a terrific development in a desirable place to live and we are glad that others have recognized it too,” Greg Kalikow, executive vice president of The Kalikow Group, said in the release. “We know Wicker Park will continue to maintain Shade Tree with the same care that we have.”
Amenities at Shade Tree include a saltwater swimming pool, fitness center, dog spa, grilling and picnic areas, and a jogging trail.
“The greater Charleston area has experienced explosive growth over the past 10 years, with much of the new affordable multifamily being built along the Interstate 26 corridor, farther and farther from downtown Charleston, the area’s beaches, boating and coastal lifestyle,” EYC President Ellis Coleman said in the release. “It was a pleasure to bring a quality product to Johns Island.”