Nov
06

Charleston Apartments Sold for $239,000/Unit

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riviera-at-seasideA New York real estate investment firm has added a Mount Pleasant apartment complex to its portfolio, paying $60.5 million for the Riviera at Seaside. The deal worked out to about $239,000 per unit.

The buyer is a group formed by AVR Realty of Yonkers, N.Y. The seller was Riviera at Seaside LLC, which was affiliated with The Beach Co. of Charleston, property records show.

The 253-unit apartment was completed last year. It is in the Seaside Farms mixed-use development, near the Isle of Palms Connector and Rifle Range Road.

AVR’s website shows that the Riviera acquisitsion is its only investment in the Charleston area. The company already owns seven apartment complexes in South Carolina. They are in Aiken, Boiling Springs, Columbia, Florence, Irmo, Lexington and Spartanburg.

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