North Charleston apartments sell for more than $5.4M

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Investment specialists with Marcus & Millichap assisted with the sale of Clement Arms Apartments, a 49-unit multifamily community in North Charleston. The property sold for $5,440,000, or $111,020 per unit.

Ryan Lipomi, Will Graves and Nate McDaniel in Marcus & Millichap’s Charleston office had the exclusive listing to market the property on behalf of the seller. They also found the buyer, according to a news release from the agency.

“This is the second time we have sold this asset in the past two years,” Lipomi said in the release. “The seller's proven value-add strategy worked according to plan, and now the buyer has the ability to continue renovations and raise rents. This is the third property we have sold on Clements Avenue in 2023, as the quality of rental options in the area continues to increase.

Built in 1980 on 1.24 acres of land, Clement Arms Apartments is located at 1815 Clements Ave.

Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, the release said. It is a publicly traded company, headquartered in Calabasas, Calif., with 81 offices in the United States and Canada.