Rockpoint, a Boston-based real estate private equity firm, and Realco Capital Partners (“RCP”), a real estate investment company specializing in student housing, announced the acquisition of Summit Place, a Class A, mid-rise student housing community in Charleston, South Carolina. Terms of the transaction were not disclosed.
Summit Place comprises 118 units and 357 beds, along with highly desirable amenities including a fitness center, pool, and dedicated spaces for student residents to study and unwind.
“We are pleased to partner with RCP at Summit Place to offer College of Charleston students a premier student living experience,” said Tom Gilbane, Co-President and Managing Member at Rockpoint. “This property aligns with our focus of investing in markets and communities with attractive supply and demand fundamentals where we see opportunity for growth.”
Originally developed in 2020, all units are fully furnished with modern interior designs and appliances, including in-unit washers and dryers. Summit Place is conveniently located within walking distance of both the college and downtown Charleston, providing residents with direct access to restaurants, hotels, and shopping destinations.
“Summit Place provides a best-in-class housing option for students in Charleston,” said Jared Heuer, Managing Partner at RCP. “Since we first invested in Summit Place in 2022 and began implementing our strategic plan, we have seen strong demand in the market for a premier off-campus residential living experience. We are incredibly excited to build on all the Property’s momentum to date in this new venture with Rockpoint.”
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion.
