Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $36.1 million sale of The Palms, a 408-unit apartment community located in Charleston, South Carolina. Jordan McCarley, Watson Bryant and Tai Cohen of Cushman & Wakefield represented the seller, Kole Management, in the transaction. JEM Holdings acquired the property.
“The sale of The Palms was an integral part of our strategy to reposition some of our portfolio to core and core-plus assets,” said Brian Purtell, Chief Financial Officer of Kole Management. “We wish JEM Holdings success in their operation of the property.”
“We’re excited about our acquisition of The Palms and adding to our growing number of multifamily properties in Charleston,” said Jessica Saks, Director of JEM Holdings. “We’re bullish on Charleston’s impressive population growth and the continued expansion of key employment drivers—tourism, technology, aviation and the Port of Charleston. Kole Management maintained the property in fantastic condition during its ownership, and we look forward to continuing to improve upon their success.”
The Palms, built in 1966, is in the heart of Charleston’s West Ashley neighborhood, and offers convenient access to the area’s premier, emerging retail nucleus as well as major employment centers including Boeing, Joint Base Charleston, the new Mercedes-Benz plant and Volvo plant. Amenities include a resort-style pool, 24-hour fitness center, sports courts and a playground.
“West Ashley is poised for significant rent growth as it is the last infill submarket to be built out in Charleston,” Cohen said. “Its proximity to both Downtown and North Charleston attracts a multitude of tenants.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $2.0 billion in sales volume in 2017, totaling over 130 deals and more than 25,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Kole Management Company
Kole Management Company is a family-owned investment and property management company based in Savannah, Georgia. The company’s holdings comprise approximately 2,500 multifamily units in the Southeastern US and five industrial properties.
About JEM Holdings
JEM Holdings is a real estate investment company focused on the acquisition of value-add properties. The company’s holdings comprise approximately 5,000 multifamily units in the Southeastern US and two office properties.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.