Source: ECI Group
CHARLESTON, SC - ECI Group announced the acquisition of The Factory at Garco Park, a 271-unit, built in 2017, institutional-grade multifamily community in the highly-desirable Park Circle neighborhood in North Charleston, South Carolina.
The Factory at Garco Park is ECI's first investment in the Charleston metropolitan area and, with assets in Greenville and Savannah, their fourth in the Carolinas/SE Georgia region. Financing for the acquisition was provided by SouthState Bank.
"The Factory at Garco Park offers ECI an opportunity to recycle capital from our recent sale of The Columns at Vinings in Atlanta into a very high quality, exceptionally well-located asset in a top expansion market for us," said ECI Chief Acquisitions Officer, Scott Levitt. "With our ability to self-manage and oversee additional enhancements to the balance of the unit interiors and the property's exterior and amenity package, we look forward to this property providing us with a cornerstone asset in the Charleston market."
The 1031 Exchange involving the recently announced sale of The Columns at Vinings and the acquisition of The Factory at Garco Park is the 5th such exchange for ECI in the last 18 months.
The Factory at Garco Park, located at 4993 O'Hear Avenue in North Charleston, features upscale, spacious studio, one-, two- and three-bedroom units. The community's walkable experience has made it popular with young professionals seeking a vibrant Peninsula lifestyle, with an abundance of restaurants, retail, and nightlife, in the East Montague corridor just steps from their front door.