NEW YORK—The Praedium Group, along with Nashville, Tenn.-based Carter-Haston Real Estate Services, have acquired Edgewater Plantation, a 360-unit multifamily complex in Mount Pleasant, S.C. for $42.68 million.
“The acquisition of Edgewater provided us with the opportunity to own a Class A asset in a highly sought-after submarket of Charleston, SC,” said Mark Lippmann, managing director of The Praedium Group. “Edgewater Plantation was a rare opportunity to acquire an underperforming Class A asset due to the prior ownership’s abandoning of their condo-conversion strategy as a result of the financial crisis.”
Constructed in 2001, Edgewater Plantation units average 1,032 sq. ft. Amenities at the complex include a 3,500-sq.-ft. clubhouse, which will be expanded and redesigned as part of an overall amenity upgrade, a pool and landscaped grounds. The property also has a sports activity center with a sand volleyball court, a playground and tennis courts surrounding a screened picnic pavilion.
Carter-Haston Real Estate Services will serve as the on-site property management company for Edgewater.
Randal Howard of the Washington, DC-based brokerage firm Moran & Company represented the seller.