Middleburg Communities (Middleburg), a Vienna, Virginia-based real estate investment, development and management firm, announces the acquisition of Peppertree Apartments, soon to be rebranded Vesta Creeks Run, in North Charleston, South Carolina for $37.1 million. The 353-unit apartment community is located at 4640 Forest Hills Drive proximate to top regional job centers.
“Vesta Creeks Run provides Middleburg with an opportunity to improve a well-located but currently underperforming workforce apartment community and in doing so, will be preserving critical housing for the region,” said Middleburg Communities Vice President of Acquisitions, Sean Kavanagh. Middleburg has completed a number of similar renovations within its Vesta-branded workforce housing portfolio, including a recent 4 property, 1,374-unit portfolio located in three suburban Atlanta locations and in Louisville, KY and plans to deploy $6.3 million in improvements at Vesta Creeks Run. The firm will self-manage the property and bring community services to its residents through its comprehensive community life programs.
Vesta Creeks Run features one and two-bedroom townhomes and apartments with large floorplans, in-unit washers and dryers and private balconies. Amenities include a swimming pool, dog park, picnic area and fitness center. Middleburg will complete and enhance an interior renovation program that had been started by the prior ownership and will also upgrade property exteriors, systems and common areas and address any deferred maintenance. The community is minutes from an array of shopping, dining and entertainment options including the Tanger Outlets Charleston, Oak Ridge Shopping Plaza and Aviation Square Shopping Center as well as major employers including the U.S. Air Force and Joint Base Charleston, Boeing, Bosch, Charleston International Airport and the Charleston Area Convention Center.
The community will feature Middleburg’s signature program, Local Heroes, which respects and honors firefighters, police officers, emergency medical technicians and K-12 public school teachers by providing them with a rent discount at all Middleburg owned and developed communities. Middleburg launched Local Heroes as an expression of its strong belief that those who serve our communities should be able to live in our communities.