Seizing on a hot U.S. rental market, a venture led by Long Island-based Kalikow Group sold a luxury apartment complex in Charleston, South Carolina, that it developed for $53.6 million.
The firm built the 220-unit property two years ago with Breakers Capital Partners and EYC Companies. Called 17 South, the complex is in the city’s West Ashley district.
The buyer was West Shore, a Boston-based multifamily real estate investment firm, according to Kalikow.
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It marked Kalikow’s second deal in South Carolina this year. In May, the developer sold a pair of multifamily communities for $45.4 million: a 182-unit property on 28 acres in North Charleston and an 80-unit in Charleston called Fenwick Apartments. The buyer was Southwood Realty, according to Real Estate Weekly.
The high-priced housing market has made ownership inaccessible for many Americans, with more resorting to renting, experts say. In turn, the increased demand has led to higher rents.
For 17 South, Kalikow’s Aaron Siegel said the group decided to sell because the current market has pushed up prices. The complex has rents from $1,215 a month for a studio, rising to $1,755 for the lowest-priced three-bedroom, according to its website.
Cushman & Wakefield’s Tai Cohen brokered the sale.