CREC Real Estate and Rincon Capital Partners have jointly acquired Planters Trace Apartments, a 96-unit, multifamily community located in the West Ashley neighborhood of Charleston, South Carolina. The financial terms of the transaction were not disclosed.
CREC will invest $2.8 million in value-add renovations to the unit, bringing up the property value to meet nearby residential communities. The 10.6 acre property has access to nearby jobs, retail, and entertainment.
Aaron Dixon, president of CREC said, “CREC sees an important value-add opportunity at Planters Trace, and we believe that this community has the potential to become a market-leading multifamily option for the growing number of residents in the Charleston area.”