ECI Group acquired a 271-unit property in North Charleston, SC The asset, The Factory at Garco Park, is the acquired company’s fourth multi-family community in the Carolinas and Southeast Georgia area. Located in the Park Circle neighborhood, The Factory at Garco Park has been sold for an undisclosed price.
According Yardi matrix datathe community vendor was RangeWater Real Estate who originally purchased the asset in 2018 for $51.7 million. Financing for the acquisition of ECI was provided by Southern State Bank.
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In prepared remarks, Scott Levitt, director of acquisitions at ECI, said the capital of the sale of the ECI Columns to Vinings in Atlanta will be recycled in The Factory at Garco Park. The 1031 exchange is one of five transactions in this manner that ECI has completed in the past 18 months.
Located at 4993 O’Hear Ave., residents are close to East Montague and shopping, dining and entertainment. The nearby Cooper River and Park Circle offer green spaces and walking paths.
Currently 96.7% occupancy, according to Yardi Matrix data, The Factory at Garco offers bachelor, one-, two-, and three-bedroom units. Detached homes have built-in washers and dryers, home telecom connections, energy-efficient windows and garden tubs and private patios in some apartments.
Community amenities include a saltwater pool, water lounge, outdoor kitchen, fitness center, conference room, boat storage, club room, dog park, and car wash of cars. The property also offers bicycles.
NewmarkAlex Okulski represented RangeWater Real Estate on the transaction.