Downtown Charleston apartment complex sells for $64 million

Here is a great indicator of how Greystar has been integral in Charleston’s real estate landscape as well as continues to develop value for others from an investment standpoint.  Institutional money is licking its chops over Charleston.

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Oct 16 2014 2:55 pm by John McDermott of the Post and Courier in Charleston, South Carolina
The 200-unit Elan Midtown apartment complex in downtown Charleston was opened in late 2013.

The 200-unit Elan Midtown apartment complex in downtown Charleston was opened in late 2013. FILE/BRAD NETTLES/STAFF

Elan Midtown, the first apartment complex to be built in more than 20 years on the lower peninsula, has been sold for $64 million.

The $320,300-per-unit sale price is believed to be a record high for a multifamily property in the Charleston region.

The property changed hands Wednesday, according to county property records.

The seller was a company formed by Charleston-based apartment giant Greystar Partners. The buyer was Meeting Street Realty Co. LLC, which is affiliated with a JPMorgan Chase & Co. investment fund.

“It just made sense to transition the property into the hands of a long-term holder of real estate,” Greystar founder and CEO Bob Faith said Thursday. “That’s what we do, so it made sense.”

A spokeswoman for JPMorgan could not be immediately reached for comment.

Elan Midtown is at Meeting and Spring streets. Greystar completed the nearly two-year downtown development in late 2013. It has performed “amazingly well,” and the residential portion is fully occupied, Faith said

“It’s got a waiting list,” he said.

Greystar will continue to manage Elan Midtown, which includes ground-floor retail spaces and offices.

The Broad Street firm oversees more than 385,000 apartment units across the United States and elsewhere, including Mexico and the United Kingdom.

It’s typical for Greystar to sell its rental projects once they’re up and running, Faith said.

“It’s certainly not any lack of confidence in the area or anything at all like that,” he said.

Faith pointed out that his company is a partner with the owner of The Post and Courier in the first phase of Courier Square, a mixed-use project proposed for Meeting and Columbus streets.

“We’re reloading a block away,” Faith said.

While Elan Midtown fetched a record price for an apartment building, the all-time high for a piece of commercial real estate on the peninsula belongs to Campus Center. An investment group paid $69 million in August for the student housing development near the College of Charleston.

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