CHARLESTON, SC - Blaze Capital Partners and joint venture partner Cross Lake Partners announce the acquisition of The Retreat at Carlile, a 99-unit, Class-A townhome rental community in Summerville, South Carolina, a fast growing submarket just outside of Charleston.
"Among the fastest-growing areas in the country, Charleston's population is booming as job growth and investment draws more people to the Low country – creating unmatched demand for housing at a time when the cost of homeownership is reaching unobtainable heights," said Eddy O'Brien, co-founder and managing partner of Blaze. "As economic conditions keep would-be homebuyers out of the market in the Charleston metro, build-to-rent communities are providing an affordable alternative, without requiring people to sacrifice the lifestyle and space offered by a more traditional neighborhood setting. The Retreat at Carlile provides an underrepresented rental townhome option to the Charleston market and as demand for this type of product intensifies, we're pleased to add this community to our expanding portfolio."
The Retreat at Carlile features two- and three-bedroom new construction townhomes ranging from 1,492 to 1,540 square feet in a 20.5-acre neighborhood. Construction for the community began in 2022. The townhomes feature nine-foot ceilings, espresso kitchen cabinets, patio storage, energy-efficient stainless steel appliances, gourmet-inspired kitchens, granite countertops and spacious walk-in closets. Each home has designated parking spots and the pet-friendly community features on-site management, a 24-hour fitness center, a pool and sun deck.
The property is ideally located six miles from I-26, allowing easy access to Charleston's largest employers including Boeing, Volvo's Ridgeville Plant, and Google. The Retreat at Carlile's residents can enjoy the ease of a suburban layout in Summerville with access to city offerings found in Charleston, voted the number one city in America by Travel & Leisure the last nine years. Preserved historic architecture, award-winning food, miles of pristine beaches and world-class entertainment, arts and culture span the region, offering endless relaxation and recreation options.
"Housing demand across the Summerville and I-26 corridor continues to rise given the rate at which population is growing. Build-to-rent properties combine affordability with the familiarity and comfort of the 'home style' market for residents who may be entering a new phase of life – bringing much-needed choices to the area's housing stock at a time when there are more barriers than ever to purchasing a home," said Adam Rapport, Partner and Head of Acquisitions at Cross Lake. "This acquisition aligns with our long-term view on housing as the market evolves, and we will continue investing in the Carolinas as the region experiences remarkable growth."
Last October, Blaze and Cross Lake Partners sold Chamberlain Pines, a 132-unit townhome rental community in Summerville developed and sold by the JV partnership.
Blaze has continued to grow its rental housing portfolio significantly throughout the Sun Belt. In the past twelve months, Blaze has acquired three active adult communities and two conventional multifamily communities, including most recently Integra Lakes, a 203-unit multifamily community in Orlando. Blaze expects to deploy capital opportunistically throughout the remainder of the year as the firm seeks to find attractive long-term plays amidst significant capital market volatility and dislocation.