Charleston Apartments Sold for $27.2 Million


Trade Street Residential Inc. has completed the acquisition of two communities that total 500 apartment units for a total purchase price of $63 million. The properties include Woodfield St. James, a 244-unit asset in Charleston ($27.2 million), and Woodfield Creekstone, a 256-unit community in Durham ($35.8 million).

Woodfield St. James was built in 2009, is currently 98 percent occupied, and has an average monthly effective rent of $901 per unit. Trade Street intends to put mortgage financing on the property and has obtained a lender commitment for a $19 million 10-year first mortgage at a fixed rate of 3.75 percent with two years of interest only payments followed by principal and interest payments based on a 30-year amortization schedule thereafter.

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