The Beach Company announced the October 6 acquisition of the Windjammer Apartments, a 212-unit garden-style multifamily community in the West Ashley submarket of Charleston, South Carolina.
Located in a well-established area, the community offers convenient access to downtown Charleston as well as a wide array of major employers, retail establishments, beaches and barrier islands and access to multiple state parks.
“The Windjammer’s incredible infill location and access to area employers make it an ideal candidate for a property-wide capital improvement program,” said The Beach Company’s Acquisitions Manager Darby Parker. “The Beach Company has developed a full-scope renovation strategy including improvements to unit interiors, exteriors and amenities, and plans to increase access and walkability to the community’s many great retail nodes and through-property walking trails.”
Built in two phases in 1975 and 2009, the stabilized property features 212 rental residences averaging 891 square feet and an amenity package that includes a resort-style pool, outdoor lounge area, fitness center and dog park.
“We believe the Windjammer offers a tremendous opportunity to reposition a well-located asset in our local Charleston market,” said The Beach Company’s Director of Asset Management Teddy Hendricks. “Our robust renovation strategy encompasses both high-quality interior finishes and exterior upgrades and will bring a full array of modern conveniences to a seasoned community.”
“The Beach Company knows the West Ashley submarket exceptionally well, and its growth story over the past few years has been remarkable,” said The Beach Company’s Senior Vice President and Fund Manager Leonard Way. “We plan to undergo a total property renovation to capitalize on the market growth.”
This transaction represents the sixth acquisition in the company’s Beach Investment Fund. David Lansbury and Jim Sewell, CBRE’s Charleston-based multifamily professionals, facilitated the sale on behalf of the private seller. The Beach Company’s acquisitions team of Darby Parker and Niko LeVigne facilitated the transaction of behalf of the buyer. CBRE’s Nate Sittema and Kristen Reilley facilitated the financing.