Johns Island multifamily property sells for $16.3M

Listen to this article

Cushman & Wakefield arranged the recent $16.3 million sale of Forest at Fenwick, an 80-unit multifamily property located in Johns Island.

The commercial real estate services firm’s John Phoenix, Richard Gore and Tyler Fish represented the seller, Southwood Realty/Triangle Real Estate, in the transaction. The multifamily property was acquired in a partnership managed by Rowin Capital and Penny Lane Associates.

“We are pleased to enter the Charleston market with the acquisition of Forest at Fenwick,” Joe Scherban, managing director at Rowin Capital, said in a news release. “Forest at Fenwick is an extremely desirable place to live, located just minutes from downtown Charleston but in the quiet elegance of Johns Island.”

Built in 2005, Forest at Fenwick is in an area that is walkable to restaurants and grocers on Maybank Highway, Scherban said in the release. Residents have access to amenities including a swimming pool with sundeck, poolside gas grill, fire pit, 24-hour fitness center, coffee bar and screened-in outdoor lounge.

“Forest at Fenwick provided the buyer a proven value-add opportunity to capitalize on a well-maintained asset in a thriving Charleston submarket,” Phoenix, senior director at Cushman & Wakefield, said in the release.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 105-person investment sales team covering 11 states. The group closed $11.1 billion in sales volume through 360 deals and more than 60,300 units last year.

By Ashlie Puma