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Sawgrass Apartments sold for $18 million to investment firm

Real Estate - Commercial
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An Omaha, Neb., investment firm has purchased as purchased a multifamily complex in Charleston for $18 million, the financing agent said in a news release.

Burlington Capital Group purchased Sawgrass Apartments, a 144-unit garden-style property on Crosscreek Drive, from Sawgrass Investment Properties LLC.

Berkadia, a joint venture between Berkshire Hathaway Inc. and Jefferies Financial Group, facilitated the financing of the transaction, the company said.

Burlington Capital paid $125,000 per family unit, which comes out to $120 per square-foot, Berkadia said in a news release. The deal closed Aug. 15 with the buyer using financing through Fannie Mae, Berkadia said.

Sixty percent of the interiors of Sawgrass Apartments have been renovated over the past few years, and Burlington plans to continue that work and make improvements to other common areas of the property, which was built in 1975, Berkadia said.

“The location is irreplaceable and will continue to see very strong rent growth as the buyer moves forward on the remaining renovations,” Berkadia Managing Director Mark Boyce, who helped set up the financing, said in a statement.

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