SUMTER, SC - Charleston based ANCE Capital Group through its subsidary Red Oak Property Group announced their acquisition of Gion Street Townhome's Community in Sumter, SC. The property is located right in the heart of Sumter, SC and within walking distance to many major national retailers such as Chick-fil-A, Starbucks, etc.
The property is located on Jessamine Trail, with easy access to Broad Street and just minutes away from Shaw Air Force Base. The new owners intend to complete a deferred maintenance correction program on the exterior, along with light unit interior upgrades on select units as units turn. The property benefits from an outstanding location. Sumter has a diverse economy, with manufacturing, retail trade, educational services, health care and social assistance, and accommodation and food services comprising the biggest sectors of the workforce.
ANCE Capital Group is excited to enter the Sumter market, as it is strong tertiary market in South Carolina. The Southeast markets are experiencing a high growth period which should carry on for the foreseeable future with strong employment growth and increase in population.
"This is a great acquisition for our portfolio and we are exicted to enter our third market and first in South Carolina. Our focus has historically been on buying multi-family and mixed-use assets in the northeast, but we are strategically allocating capital to South Carolina and further sunbelt markets as net migration continues to flourish and population centers grow at record pace. Our focus is adding value, while increasing efficienecy throughout our assets and at the same time offering great service to our tenants." says Christian DiCroce who is a Principal at ANCE Capital Group.
Tammy Lyles of Realty One Group represented the Sellers in the transaction, and Christian DiCroce brokered the deal on behalf of ANCE Capital Group. CARO Federal Credit Union provided the financing.