Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has purchased its fifth asset in the greater Charleston, South Carolina, metropolitan area with the $55.5 million acquisition of Sweetgrass Landing Apartments in Mount Pleasant.
Located at 1100 Legends Club Drive, developed in 2001 and formerly owned by Chaucer Creek Capital, the two-story, 14-building community was 96% leased at the time of this off-market transaction. CRC acquired 175 of the 200 apartment units, with the remaining 25 consisting of privately owned condominiums. 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 represents the sixth multifamily community acquired by the Fund, following last month’s purchase of The Six Apartments, a 92-unit community located at 2170 Snyder Circle in Mount Pleasant. The Six Apartments is located four miles to the south of Sweetgrass Landing Apartments on Highway 17.
Other Charleston-area assets owned and managed by CRC include Mount Pleasant Towne Centre, a 510,000 square foot open-air regional shopping venue in Mount Pleasant, and Central Island Square, a mixed-use project within the 4,000-acre master-planned community of Daniel Island and consisting of 313 multifamily units and nearly 30,000 square feet of retail space. Both assets were purchased in 2020. CRC also owns and manages West Ashley Shoppes, a nearly 140,000 square foot neighborhood retail center in Charleston.