Cedar Key Apartments Summerville, S.C. / Google Maps image
A joint venture of Long Island-based real estate investment groups has acquired two apartment complexes in South Carolina for $6.224 million.
Massapequa-based JAE Property Group, Freedom Income Properties in Holbrook and Performance Income Properties in Sayville purchased a 48-unit rental complex called Hidden Oaks Apartments in North Charleston and a 48-unit rental complex called Cedar Key Apartments in Summerville.
The purchasers are rebranding Hidden Oaks as Arbor Square Apartments and will be remedying deferred maintenance items, such as updating the leasing office, laundry facility, building exteriors and interiors, according to a statement from the joint venture. The complex is 96 percent occupied.
The fully leased Cedar Key, built in 2003, will maintain its name and continue operations as an income-restricted affordable community.
The acquisition group was attracted to the Charleston metro area due to its rapidly growing job market, expanding population growth and the large corporations such as Boeing and Volvo that are investing in facilities there.
“We are value buyers and both of these deals exemplify our core belief,” Josh Eitingon of JAE said in the statement. “These investments are located in strong growth markets and offer the long-term need for quality housing in the B-Class and C-Class multifamily space.”
Blake Reed of Berkadia represented the buyers and the sellers, MRS Management and Cedar Key Residential, in the sales transactions.