Oct
25

N. Charleston Apartments Sold at 8.5% Cap Rate

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Marcus & Millichap Real Estate Investment Services  has announced the sale of Hidden Oaks, a 48-unit apartment property located in North Charleston, SC. The asset sold for $2,116,000.

Hidden Oaks is located at 2625 Otranto Road in North Charleston, SC, and offers easy access to Rivers Avenue, I-26 and Hwy 526. This property consists of six, two-story buildings, a leasing office and laundry facility. The property offers a unit mix of 6 one-bedroom units and 42 two-bedroom units, and is 92% occupied.

Hidden Oaks was built in 1974 and has undergone extensive renovation of all 48 units during the last 24 months including new roofs, windows, HVAC units, renovated interiors, hot water heaters, etc… The units are electric and gas and equipped with central heat and air. Water and sewer are master metered.

Mark Boyce, an apartment investment specialist in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mark Boyce.

 

Categories : Charleston

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