Transwestern Investment Group (TIG) announces the acquisition of Daniel Island Village, a 283-unit apartment community at 455 Seven Farms Drive in Charleston, South Carolina.
“We believe the asset’s location in the upscale, master-planned community of Daniel Island and highly skilled and well-educated workforce make Daniel Island Village an attractive investment opportunity,” said Wes Davidson, Vice President at TIG. “We see upside potential through repositioning the asset to take advantage of continued population growth and strong demographic trends in Charleston.”
Currently 95 percent leased, Daniel Island Village was originally built in 2009. With 16 garden-style buildings, the property offers residents a clubhouse, pool lounge with grilling stations, fitness room, business center, ample covered parking, and lush landscaping with courtyards, walking trails and pond views. The property’s large average unit size of 1,055 square feet and variety of floorplans caters to the affluent local demographics.
Daniel Island Village features numerous shops, restaurants and a major tennis stadium within a short bike or golf cart ride. Additionally, the property’s proximity to Interstate 526 provides easy access to Charleston’s major employers, an international airport, downtown and local beaches. Daniel Island Village benefits from a median household income of more than $108,000 within a 1-mile radius.
Alex Okulski, John Heimburger, Dean Smith, Sean Wood, John Munroe and Jason Kon with Newmark represented the seller in the transaction. Newmark’s Josh Davis and C.J. Webb arranged the financing on behalf of TIG.