CREC Real Estate, Rincon Capital Partners Acquire Planters Trace Apartments in Charleston

by John Nelson

CHARLESTON, S.C. — CREC Real Estate LLC and Rincon Capital Partners have acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in the West Ashley submarket of Charleston. The seller and sales price were not disclosed. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The buyers plan to invest $2.8 million in value-add renovations to update common areas, amenities and unit interiors. The property currently features a pool, communal firepit and garden, laundry room, grilling area and a dog park.

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