Apartment development in West Ashley sold

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A Charleston-area apartment community has been sold.

CBRE has arranged the sale of Preserve at Essex Farms, a 284-unit apartment community, according to a news release. The property, managed by B&M Management Co., was sold in a transaction that closed March 19.

Financial terms of the sale were not disclosed.

CBRE’s Jim Sewell, David Lansbury and Erika Maston represented the seller in the transaction.

The purchaser was West Shore, a fully integrated real estate investment firm. The purchase marks a major milestone for the fast-growing company, as it now owns and operates more than 15,000 units across the southeastern and southwestern United States since its founding less than eight years ago, according to a news release.

“Our continued investment in the southeast, highlighted by our acquisition of The Preserve at Essex Farms in Charleston, marks a historic moment in West Shore’s sustained and impactful growth as the firm now owns and operates over 15,000 units across the United States,” said Lee Rosenthal, president of West Shore, in the release. “This acquisition and the 15,000-unit milestone West Shore achieved in under eight years underscores the success of our strategy that blends an entrepreneurial approach with institutional investment discipline in the ownership and operation of multifamily assets.”

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Located at 3245 Glenn McConnell Parkway, Preserve at Essex Farms is located in the West Ashley submarket and benefits from proximity to downtown Charleston employment, shops and restaurants, as well as Folly Beach and Kiawah Island, the release stated.

The property consists of studio, one-, two- and three-bedroom floor plans and features a two-story, townhome-style layout with semi-private entrances, the release stated. Amenities include a resort-style pool, grill area, bike trail, 24-hour fitness center, pet-friendly facilities and a pet spa.

“This is a truly great, core-plus opportunity in West Ashley,” said Jim Sewell, senior vice president with CBRE, in the release. “The asset is well-maintained, and its low-density site plan lends to a quiet neighborhood feel attractive to renters. It has been performing well, but also has significant upside potential through interior renovations.”