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Argosy Real Estate Partners Invests in Palmetto Exchange
On March 20, 2019, Argosy Real Estate Income & Growth I, L.P., a fund managed by Argosy Real Estate Partners, acquired Palmetto Exchange Apartments, a 252-unit, 2017-vintage, Class A apartment property located in the North Charleston submarket of Charleston, South Carolina.
Charleston has a diversified and rapidly expanding economy with advanced manufacturing, technology, logistics, military, education, healthcare, tourism and trade sectors serving as the major economic drivers. The attractive environment for businesses, low cost of living and warm climate has attracted numerous businesses and job seekers to relocate to the area. The property is situated in Ladson, approximately 15 miles north of downtown Charleston and within three miles of Palmetto Commerce Parkway, the metro area’s primary cluster of high-tech manufacturing companies. The cluster contains several of Charleston’s largest employers including Cummins, Boeing’s Research and Technology Center and the Mercedes-Benz Vans Production Facility, which recently announced a $500 million expansion plan.
The institutional quality asset consists of three elevator-serviced, four-story residential buildings and four walk-up carriage buildings with 32 attached garages. Unit features include 9’ ceilings, spacious balconies or sunrooms, large walk-in closets, granite countertops and garden-style bathtubs.
The property was financed with a 10-year Fannie Mae loan. The property’s strong in-place income combined with this loan structure and a longer-term hold period align with key attributes of the ARIG I strategy.
The property is wholly-owned by ARIG I. The Palmetto Apartments will be professionally managed by Greystar. Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds.