Marcus & Millichap Inc.
09/04/2024 | Press release | Distributed by Public on 09/05/2024 11:20
Marcus & Millichap Facilitates Sale and Financing of Two Apartment Properties in North Charleston
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Marcus & Millichap Facilitates Sale and Financing of Two Apartment Properties in North Charleston
September 04, 2024
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NORTH CHARLESTON, S.C., Sept. 4, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Edge on Noisette Creek and South Circle, two apartment properties located in North Charleston, South Carolina. The properties collectively sold for $7,550,000.
"This transaction highlights the continued demand for well-located multifamily assets in North Charleston," said Ryan Lipomi, senior associate. "The properties presented a unique opportunity for the buyer to acquire stabilized assets in a rapidly growing submarket, with strong potential for future value appreciation."
Lipomi, William Graves and Nate McDaniel, investment specialists in Marcus & Millichap's Charleston office, marketed the properties on behalf of the seller, and procured the buyer. The IPA Capital Markets team led by Bobby Werhane, managing director in the firm's Charlotte office, arranged the acquisition financing.
The Edge on Noisette Creek, located on 3 acres at 1005 Buist Avenue, was built in 1974 and features 32 two-bedroom floor plans. South Circle, located at 1079 Bexley Street, was built in 1970 and features 14 units with a mix of one-, two- and three-bedroom floor plans. The properties are a short distance from North Charleston's Riverfront Park and shopping and restaurants on East Montague Avenue in Park Circle.
"This transaction highlights the continued demand for well-located multifamily assets in North Charleston," said Ryan Lipomi, senior associate. "The properties presented a unique opportunity for the buyer to acquire stabilized assets in a rapidly growing submarket, with strong potential for future value appreciation."
Lipomi, William Graves and Nate McDaniel, investment specialists in Marcus & Millichap's Charleston office, marketed the properties on behalf of the seller, and procured the buyer. The IPA Capital Markets team led by Bobby Werhane, managing director in the firm's Charlotte office, arranged the acquisition financing.
The Edge on Noisette Creek, located on 3 acres at 1005 Buist Avenue, was built in 1974 and features 32 two-bedroom floor plans. South Circle, located at 1079 Bexley Street, was built in 1970 and features 14 units with a mix of one-, two- and three-bedroom floor plans. The properties are a short distance from North Charleston's Riverfront Park and shopping and restaurants on East Montague Avenue in Park Circle.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.