The Kalikow Group, a fourth-generation, New York development and management firm based in Westbury, NY, has sold two of its residential multifamily properties located in Charleston, South Carolina for a total of more than $45 million, to Southwood Realty of Gastonia, NC.
Tai Cohen from Cushman & Wakefield brokered the sale of the properties.
Wescott Apartments, a 182-unit multi-family community on 28.34 acres in North Charleston, SC, sold for $32.2 million. The development was a new construction build completed by Kalikow in 2018, with equity partners KEP Wescott, LLP, BCP Wescott, LLC, Pipe Dream Investments, LLC, and development partner EYC Wescott, LLC. The development features one-, two- and three-bedroom residences and amenities including a clubhouse with fitness center and pool, detached garages and storage for residents.
Fenwick Apartments, an 80-unit multifamily property on John’s Island was acquired in 2018 and sold for $13.2 million. Prior to the sale many of the units were renovated with upgraded kitchens and bathrooms. The property features two-bedroom/two-bathroom units with fitness center, clubhouse, pool and community gas/BBQ area.
“Multifamily cap rates continue to compress lower, and we’re pleased to exit these properties at attractive valuations. Our strategy is to continue to deploy capital into new Southeastern multifamily and mixed-use developments,” said Aaron Siegel, Senior Vice President at The Kalikow Group.