HOT PROPERTIES: 312-unit property sold in North Charleston

Listen to this article

A 312-unit multifamily property in North Charleston was sold in a deal arranged by Cushman & Wakefield and Greystone.

They closed a Freddie Mac Optigo loan for Exchange at Windsor Hill, which was sold by Carter Funds and Barrymor Enterprises of NJ LLC to American Landmark Apartments for an undisclosed sum.

Cushman & Wakefield’s John Phoenix, Louis Smart and Austin Green represented the sellers in the transaction, according to a news release. Meanwhile, Donny Rosenberg originated the 10-year acquisition loan from Greystone.

“Situated north of the Peninsula in an area experiencing rapid economic growth, the North Charleston submarket continues to prove out its heightened multifamily desirability,” Phoenix said in the news release. “Exchange at Windsor Hill is a one-of-a-kind asset within the submarket with embedded upside through unparalleled projected rent growth.”

Built in 2020, Exchange at Windsor Hill is withing five miles of the area’s largest employers. On-site amenities include modern units with nine-foot ceilings, a resort style swimming pool and TV wall, two resident lounges, an outdoor kitchen and bar, fire pit and 24/7 fitness center.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states. According to Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and more than 60,300 units.

Other commercial real estate transactions in the Lowcountry include the $4 million sales of 1.3 acres of land and a 5,200-square-foot former restaurant building at the corner of N. Main Street and Azalea Square Boulevard in Summerville.

The sale was arranged by veteran broker Will Sherrod of NAI Charleston, the company said in a news release.

The property was previously a Mellow Mushroom at the main entrance to the Azalea Square shopping center. It will be redeveloped by the buyer, Woodhaven Development Group LLC, the release said.

Sherrod represented the seller, Flour-Town Holdings LLC, and Micah Groeber with Atlantic Retail represented the buyer in the transaction for $4,006,250.

“I am very happy to have been able to assist in the disposition of this asset for the owners,” Sherrod said in the release. “The real estate along the North Main Street corridor in Summerville continues to show significant value and demonstrates the demand for well-positioned retail assets in the market.”

Hot Properties highlights recently sold or leased commercial properties in the Charleston region. Send in your transactions using our online form.