Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has expanded its South Carolina portfolio with the $28.25 million acquisition of The Six Apartments, a 92-unit community in Mount Pleasant.
Developed by an affiliate of Origin Development Partners, LLC, the three-story boutique-style garden community at 2170 Snyder Circle was 97% occupied at the time of this off-market transaction. Tai Cohen of Cushman & Wakefield represented the seller.
The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the mid-Atlantic and Southeast regions. This acquisition represents the fifth multifamily community acquired by the Fund following last year’s $76 million purchase of The Reserve at Mayfaire, a 264-unit multifamily community in Wilmington, North Carolina. The fund has now acquired 13 assets since it was formed in 2019.
Other South Carolina-area assets owned by CRC include Mount Pleasant Towne Centre, a 510,000 square foot open-air regional shopping venue in Mount Pleasant acquired for approximately $147 million in 2020, and Central Island Square, a mixed-use project acquired in 2020 for $91.75 million in the 4,000-acre master-planned community of Daniel Island that contains 313 multifamily units and nearly 30,000 square feet of retail space.
Contained within the Charleston Metropolitan Statistical Area (MSA), recognized as the fourth-largest municipality in South Carolina, Mount Pleasant has a median household income that is expected to increase by 12% over the next 12 years to more than $110,000. Nearly 420,000 people reside within a 30-minute drive from The Six and average household incomes approach $94,000. The residential population has expanded by 54% since 2000 and future growth is projected to significantly outpace the national average.
The Six is near the major employment centers of Charleston and North Charleston, with top employers including Joint Base Charleston (36,000 employees), Medical University of South Carolina (13,000 employees), The Boeing Company (8,200 employees) and the Berkeley County School District (approximately 7,000 employees). Nearly seven million tourists visit the area annually, supporting an industry that injects more than $7 billion into the local economy.