BBVA Lends $25M on Suburban Charleston Multifamily Buy
By Mack Burke February 20, 2020 2:00 pm
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BBVA has provided $24.6 million to American Landmark Apartments to finance its purchase of The Tradition at Summerville, a 232-unit multifamily complex located just outside of Charleston, S.C., Commercial Observer has learned.
The loan facilitated the $33.9 million acquisition of the property from Nashville-based Carter Haston Real Estate Services — according to sale information from CoStar (CSGP) Group and confirmed by sources with knowledge of the deal — and provided upfront funding for planned renovations. American Landmark has rebranded the property as Bryant at Summerville.
BBVA declined to comment on the transaction.
Newmark (NMRK) Knight Frank’s (NKF) Alex Okulski and Sean Wood represented both parties in the sale, while Bill Weber, Matt Mense and Henry Stimler of NKF’s Multifamily Capital Markets group, arranged the BBVA financing on behalf of the buyer, sources said.
“The Tradition at Summerfield is a great value-add investment for American Landmark Apartments as they expand their portfolio of well-located and growing multifamily communities,” Stimler said in a prepared statement.
The 10-building rental community is located at 325 Marymeade Drive in Summerville, S.C., about a 30-minute drive north from Charleston. Monthly rents range from $939 for one-bedrooms to around $1,450 for three-bedroom apartments, according to the property’s website.
The complex sits next door to an open-air shopping center that’s anchored by a Wal-Mart Supercenter, a Lowe’s Home Improvement and a Home Depot and is surrounded by dozens of food and beverage options.
Amenities at the site include a community car wash area, a business center, a fireside lounge, an outdoor kitchen area, a clubhouse and lounge with a pool table, a pool, a fitness center, a nature walking trail and a dog park, according to the property’s website.
Carter Haston Real Estate Services could not be immediately reached.
