BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased Bristol at New Riverside, a 166-unit, Class A multifamily community located at 205 Forest Trace in Bluffton, a coastal city near Hilton Head Island.
The Baltimore-based investment firm purchased the property via its Core Multifamily Fund LP investment vehicle from the developer, Madison Communities, for $44.5 million. Taylor Bird of Cushman & Wakefield represented the seller in the transaction.
The development opened earlier this year under the name Madison New Riverside and was 90 percent occupied at the time of sale. Bristol at New Riverside features one- and two-bedroom apartments averaging 942 square feet in size, as well as a clubhouse, saltwater swimming pool, fitness center, coffee lounge, package acceptance lockers and an open recreation area.