Source: Blaze Partners / #Apartments #Multifamily
CHARLESTON, SC - Blaze Partners announced the acquisition of Planters Crossing Apartments, a 256-unit apartment community located in the North Charleston submarket of Charleston, South Carolina. The asset was acquired by a newly-formed affiliate in a transaction that closed in October 2019.
Planters Crossing, located in the heart of North Charleston, offers residents proximity to many of Charleston's largest employers and the area's abundant lifestyle draws. The community consists of a mix of one- and two-bedroom floor plans with additional onsite amenities including a pool, tennis courts, and a resident clubhouse. Blaze intends to invest additional capital into the improvement of the asset with a focus on interior unit upgrades and common area enhancements with the intent to better position the community within the submarket, an area that has seen a rapid transformation in recent years.
"North Charleston has undergone tremendous change this cycle as employment drivers have migrated inland and households have sought out better housing options at more obtainable pricing. We are excited about the acquisition of Planters Crossing and the opportunity to upgrade the community and offer an improved rental experience to our residents," said Chris Riley, Co-Founder and Managing Partner of Blaze. "This transaction fits squarely within our opportunistic acquisition profile with significant value-add potential in the form of both operational improvements and capital upgrades."
The acquisition of Planters Crossing adds to Blaze's growing footprint throughout the Southeast and solidifies its ownership presence in Charleston. "This transaction represented an opportunity to strategically grow our local presence in Charleston via an opportunistic transaction that aligns nicely with our executional capabilities," said Eddy O'Brien, Co-Founder and Managing Partner of Blaze. "This year has been exceptionally active for us on both the acquisition and disposition front with over $370 million of transactions closed or currently underway. We believe Planters Crossing makes for an excellent addition to our growing portfolio."