CHARLESTON, SC – CBRE Capital Markets’ Debt & Structured Finance has arranged $30.9 million in financing for the acquisition of Aster Place, a 288-unit garden-style apartment community in Charleston, S.C.
Scott Peterson, Bill Chiles and Brian Cruz of CBRE’s San Diego office arranged the loan on behalf of the buyer, San Diego-based Strata Equity Group.
Located at 1840 Carriage Lane, the two-story property features a mix of one-, two- and three-bedroom floorplans averaging 825 square feet. Community amenities include a swimming pool, dog park, fitness center, playground, clubhouse and storage.
Aster Place is situated in proximity to Interstate 256 and Savannah Highway, allowing for immediate access to surrounding employers. The property is less than five miles from downtown Charleston and 12 miles from the Charleston International Airport.
“The buyer acquired the property in an off-market, two-property portfolio sale and intends to invest over $3.6 million into interior renovations and exterior upgrades to further improve the quality of the asset,” said CBRE’s Peterson.
Strata Equity Group is a privately held real estate investment company founded in 1983. The company’s core strategy is focused upon the investment in and management of apartment communities and commercial properties across the U.S. At present, the firm owns approximately 20,000 apartment units across 14 states and is actively targeting new acquisitions across the country.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.