West Shore buys 3 in the South
West Shore purchased three properties in the southern United States. The company’s portfolio now includes Sweetwater Apartments, a 320-unit luxury community in Charleston, SC, Vantage at Wildewood, a 264-unit property in Columbia, SC, and Uptown Village, a 322-unit asset in Gainesville, ON. Florida.
residential evergreen sold the Gainesville community for $73 million, with Prime Finance Partners securing $61.6 million in funding, according to Yardi Matrix data. Kassinger Development Group was the seller of Sweetwater Apartments, while Collins Group previously bought Vantage from Wildewood for $30.5 million in 2020, according to the same data provider.
West Shore’s strategy is to acquire properties in markets the company knows well, Chairman Lee Rosenthal said in a prepared statement. The company now has some 12,000 units in seven states.
The Sun Belt’s secondary and tertiary multifamily markets are experiencing strong growth, driven by a healthy economic recovery and favorable demographic trends. Even allowing for the seasonal deceleration in the fourth quarter, many of these cities saw strong double-digit rent growth in 2021.
Distribution of properties
Completed in 2018, Sweetwater Apartments is a luxury asset of 18 buildings, with three, four and five stories, including studios, one, two and three bedroom apartments. The community includes six deep-water docks for resident use, a private boat launch and kayak ramp, as well as a fitness center, business center, clubhouse and swimming pool . Located at 12000 Sweet Place, the property is close to Daniel Island, which offers restaurants, shopping and entertainment.
Vantage at Wildewood comprises 21 buildings with one-, two-, and three-bedroom apartments ranging from 845 to 1,429 square feet. Common facilities include a fitness center, business center, clubhouse, tennis court, swimming pool, and laundry facilities.
Completed in 1998, the asset is located at 811 Mallet Hill Road adjacent to Sesquicentennial State Park, providing access to green spaces. Interstate 20 is less than half a mile south of the property, connecting it to restaurants and retail businesses.
Completed in 2004, Uptown Village comprises 17 buildings with one-, two-, and three-bedroom apartments, averaging 1,121 square feet. Community facilities include a swimming pool, shaded cabana, nature trails and a dog park. Located at 3780 NW 24th Blvd., less than 3.6 miles from the University of Florida and less than 5 miles from downtown Gainesville, the asset is close to major entertainment and employment hubs.