Utah firm pays almost $17M for North Charleston apartments | Business

Another North Charleston apartment complex has changed hands, reflecting the steady demand from investors for multifamily properties in the region.

The 353-unit Peppertree Apartments was sold this month for $16.75 million, or a $47,450 a key, according to Charleston County land records. Rents for the one- and two-bedroom dwellings off of Dorchester Road start at $665, according to ApartmentGuide.com.

The buyer is an affiliate of Peak Capital Partners of Provo, Utah. It is the firm’s first investment in South Carolina, according to its website. Peak said it and its affiliate “own and manage conventional, affordable, and student apartment properties in growth markets in the United States.”

The seller was a California company that had owned Peppertree since 1999.

The garden-style rental property is on Forest Hills Drive. It in was built in phases between 1983 and 1989, according to the real estate firm Cushman & Wakefield, which helped broker the transaction and secure some of the financing.

Peak Capital did not immediately respond to a request for comment Wednesday.

Its Peppertree purchase preceded by about a week another sale of an older apartment complex in that section of North Charleston. RADCO Cos. of Atlanta paid $12.5 million, or $45,000 a key, for the Reserve at Ashley at 6520 Dorchester Road. The new owner has renamed the property Greenwood at Ashley and plans to invest more than $3.4 million on the first phase of improvements at the “class-C” complex, which was built in 1974.

“Charleston’s strong economic fundamentals have made it one of the most attractive regions in the country for real estate investment,” CEO Norman Radow said in a written statement.

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