Marcus & Millichap Brokers $68.8M Sale of Three-Property Multifamily Portfolio in North Charleston

by Julia Sanders

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of a three-property, 430-unit multifamily portfolio in North Charleston. The sales price for the portfolio was $68.8 million, or $160,105 per unit. Ian Turnbull, Jim Davis, Nate McDaniel and William Graves Jr. of Marcus & Millichap represented the undisclosed seller, the developer of the properties, and procured the undisclosed buyer, a private investor.

The properties include Summerfield Apartments, Willow Ridge Apartments and Dove Creek Townhomes. Built in 2009, Summerfield includes 152 units and was sold for $24.7 million. Willow Ridge is a 145-unit property built in 2002 and was sold for $22.5 million. Built in 2010, Dove Creek features 133 units and was sold for $21.6 million.

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