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Real Estate - Residential

Baltimore-based investors purchase Mount Pleasant apartments for $28.25 million

Real Estate - Residential
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The Six Apartments, a 92-unit, three-story building in Mount Pleasant was sold to Baltimore-based Continental Realty Corp. for $28.25 million. (Photo/Provided)A Baltimore-based company has acquired its third Charleston-area property with the $28.25 million acquisition of The Six apartments in Mount Pleasant.

Continental Realty Corp., owner of Mount Pleasant Towne Centre, purchased the three-story building located at 2170 Snyder Circle. Of the 92 units in the garden community, 97% were occupied at the time of the off-market transaction.

“The Six offers a boutique-style residential living experience and is indicative of the institutional-quality asset we traditionally target in our acquisition strategy. The property’s differentiated location adjacent to Six Mile Marketplace, anchored by Harris Teeter and Hobby Lobby, allows for walkability to a variety of retail amenities,” Continental Realty Corp.’s Vice President of Acquisitions Ari Abramson said in a statement.

CRC is a commercial real estate and investment company that focuses on acquiring and operating retail and multifamily properties. The Six was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions.

“CRC’s use of data analytics has enabled our team to focus on submarkets like Mount Pleasant, which have enticing performance trends, limited new supply, and solid long-term fundamentals,” said JM Schapiro, CEO of Continental Realty Corp. “The Six is an outstanding addition to our portfolio, based on the quality of the asset and the continued population and employment growth expected for the immediate area.”

CRC’s additional South Carolina assets include Central Island Square, a mixed-use project on Daniel Island that contains 313 multi-family units. The purchase was made in 2020 for $91.75 million. That same year, CRC acquired Mount Pleasant Towne Centre for approximately $147 million.

The Six was built in 2018 and includes studio, one- and two-bedroom floorplans ranging from 574 to 1,154 square feet.

“We were able to successfully execute this off-market transaction based on our extensive relationships with the Charleston-area real estate community, and we intend to remain extremely aggressive in our search for similar acquisition opportunities in this region,” Abramson said.

Tai Cohen of Cushman & Wakefield represented the seller.

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