Fogelman Properties has acquired Westbury Mews, a 132-unit garden-style multifamily community in Summerville, S.C. Burlington Capital Group sold the property for $23.8 million. Berkadia worked on behalf of both parties in the deal.
Fogelman Properties acquired the 1988-built property with its longtime partner, Thackeray, according to Multifamily Press. The partnership’s multifamily portfolio encompasses more than 3,000 units. Since the beginning of the year, Fogelman and its investment partners have acquired more than 1,100 units for a combined value of $190 million.
Fogelman plans to upgrade Westbury Mews’ units, signage, and amenity areas. The company will manage the property, which is currently 97% occupied. The community features one-, two- and three-bedroom apartments, ranging from 551 to 1,200 square feet.
Located at 1425 Old Trolley Road, Westbury Mews is near major thoroughfares providing access to employment opportunities in the healthcare, aerospace, and manufacturing sectors. Downtown Charleston is roughly 24 miles from the property.
Investing in Affordable Multifamily Markets
Charleston is experiencing great housing demand driven by people relocating to the Sun Belt region in search of warmer weather and more affordable living. According to a report from MyEListing, the average monthly asking rates increased 15% year-over-year in 2022, and the average occupancy rate stood at 93%.
While growth is more moderate in Charleston compared to other cities in the Southeast, the metro provides great opportunities for working-class families and new graduates, MyEListing noted. Investing in a secondary market like Charleston can also be beneficial to buyers, who don’t want to spend the amount required to buy in the highest growth markets. Investing in a more affordable but expanding market like Charleston can be an effective investment strategy.