Paxton Point Hope apartments sold for $51.1 million

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A new, 274-unit multifamily community near Cainhoy Plantation on Daniel Island has been sold to VTT Management Inc., a commercial real estate investment and management company based in Framingham, Mass., for $51.1 million, or about $186,000 per unit.

Paxton Point Hope, at 201 Sawyer Circle, contains studio, one-, two- and three-bedroom apartment units, including two-bedroom carriage homes. The community also includes a 4,100-square-foot fitness center and 7,500-square-foot clubhouse and lounge.

Capstone Apartment Partners sold the apartment community to VTT on behalf of The Spectrum Cos.

The community was 35% occupied at the time the sale closed, according to a news release.

Paxton Point Hope is the third luxury apartment community Charlotte-based Spectrum has built in the Charleston market, with other communities on the way.

“The successful transition of Paxton Point Hope represents the conclusion of several years of hard work delivering one of the highest-quality suburban multifamily communities in the Charleston market,” Spectrum COO Steve McClure said in the release. “It’s through projects like this that Spectrum fulfills its mission of changing lives by creating special places.”