Nov
28

More Charleston Apartments on the Way

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The growing appetite for apartments prompted two Alabama developers to dig into their wallets.

On Johns Island, an affiliate of Birmingham-based Crowne Partners snapped up 35 acres of bank-owned property along Maybank Highway on Johns Island, said buyer representative Trent McChesney of The Peninsula Co. LLC. The $3.03 million price worked out to about $88,000 an acre.

The seller, represented by Eddie Hughes of The Beach Co., was the successor to failed Spartanburg lender First National Bank of the South.

Elsewhere in South Carolina, Crowne Partners is building an apartment complex in Bluffton, and it has a rental property in Columbia. The company has not disclosed its plans for the Johns Island site, but the commercial real estate website CoStar reported that it is proposing to start work on a mixed-use development by the end of 2012.

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