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| Woodfield South Point Apartments, West Ashley Submarket, Chareston, SC |
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| Larry Sullivan |
CHARLESTON, SC – Passco
Companies has acquired Woodfield South
Point, a 2009-built, 240-unit institutional quality multifamily community
in the West Ashley submarket of Charleston, South Carolina for $38.5 million.
This is the firm’s final
acquisition in 2016, bringing Passco’s total acquisition volume for the year to
more than $540 million, according to Larry
Sullivan, President of Passco Companies.
“We have been extremely active in
the market nationwide, and we anticipate an even stronger stream of
acquisitions in 2017,” says Sullivan.
Passco aims to acquire $1 billion
in assets in 2017, according to Sullivan, who notes that this acquisition in
Charleston is reflective of the assets Passco targets.
“The acquisition of Woodfield South
Point, which we plan to rebrand as 1000 West, is demonstrative of the
exceptionally high quality assets we continue to acquire in growing markets
across the country,” he says.
Colin Gillis, Vice President of Southeast Acquisitions at Passco
Companies, explains that multifamily product in economically diverse markets
with strong demand drivers, such as Charleston will remain a focus for the firm
in the New Year.
“West Ashley is quickly becoming
one of Charleston’s most desirable suburbs, and is positioned for long-term
economic growth,” says Gillis. “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.”
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| Colin Gillis |
Further, Charleston is one
of the fastest-growing mid-size metros for aircraft manufacturing and an
emerging hub for international aerospace, aviation, automotive and tech
industries, according to Gillis.
The city also boasts prominent medical
campuses and educational facilities, which account for more than 20,000 jobs.
The Medical University of South Carolina is consistently ranked the #1 hospital
in all of South Carolina.
Aside from being a major
hub for these important industries, Charleston is without a doubt one of the
most charming cities in the United States and consistently wins top accolades
from publications like Condé Nast Traveler and Travel and Leisure, who have
ranked Charleston as the number one city in the country and in the world.
“Impressive distinctions
from renowned publications are a true testament to what a special place
Charleston is,” says Gillis. “The city often attracts population growth based
solely on its reputation of being a great place to live. We know that
Charleston will always be Charleston and that we have made an excellent
long-term investment decision.”
The property is located at 1000 Bonieta Harrold Drive in Charleston, South Carolina. Kevin Kempf and Phil Brosseau of CBRE represented the seller, Arsenal Real Estate Funds, in the transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos
Account Coordinator
Brower, Miller & Cole
895 Dove Street, Third
Floor
Newport Beach, CA 92660
p: (949) 955-7940
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