“West Ashley is quickly becoming one of Charleston’s most desirable suburbs and is positioned for long-term economic growth,” Colin Gillis, vice president of Southeast acquisitions at Passco, said in the news release. “The area’s population has increased by more than 50% over the last five years. Centrally located near some of the region’s strongest employment hubs, West Ashley consistently demonstrates high-quality demographics. For example, the average annual household income within a one-mile radius of 1000 West is over $90,000 a year.”
West Ashley is also positioned for long-term rent growth, he said.
“The property has experienced year-over-year rent increases of approximately 6% over the last three years, even in the face of over 1,000 deliveries to the submarket,” Gillis said.
The complex includes a saltwater pool and tanning deck, outdoor grills, a clubhouse with outdoor fireplace, media and entertainment lounge, cybercafe, dog park and carwash station, the news release said.