Aug
02

Mount Pleasant Apartments Sold for $118,556/Unit

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The Edgewater Plantation multifamily complex has traded for an impressive $42.68 million. The Praedium Group acquired the 360-unit multifamily asset, which is located in Mount Pleasant.

Constructed in 2001, Edgewater Plantation boasts an average unit size of 1,032 square feet. The complex offers amenities like a 3,500 square-foot clubhouse, which will be expanded and redesigned as part of an overall amenity upgrade.

“We plan to reposition the asset to the market through upgrades to the unit interiors, exteriors, and the clubhouse, which will allow the property to compete with competitive class A assets in the market,” Mark Lippmann, managing director of The Praedium Group, tells GlobeSt.com. “Granite countertops, new appliances, and new lighting and fixtures are some of the unit upgrades included in the capital improvement plan.”

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