Capturing a vibrant rental market in america, an organization led by Kalikow Group, primarily based in Lengthy Island, bought a luxurious house complicated in Charleston, South Carolina, which it developed for 53 , $ 6 million.
The corporate constructed the 220-unit property two years in the past with Breakers Capital Companions and EYC Firms. Referred to as 17 South, the resort is within the metropolis’s West Ashley neighborhood.
The client was West Shore, a Boston-based multi-family actual property funding firm, in keeping with Kalikow.
This was Kalikow’s second contract in South Carolina this 12 months. In Could, the developer bought a pair of multi-family communities for $ 45.4 million: a 182-unit, 28-acre property in North Charleston and an 80-unit property in Charleston referred to as Fenwick Flats. The client was Southwood Realty, in keeping with Actual Property Weekly.
The high-priced housing market has made house possession inaccessible to many Individuals, who resort extra to renting, specialists say. In flip, the elevated demand has led to greater rents.
For 17 South, Kalikow’s Aaron Siegel mentioned the group determined to promote as a result of the present market pushed costs up. The resort has rents of $ 1,215 monthly for a studio, rising to $ 1,755 for the most affordable three-bedroom, in keeping with its web site.
Tai Cohen of Cushman & Wakefield negotiated the sale.