The Praedium Group Acquires Ansley Commons Apartment Homes in North Charleston, SC

June 10, 2015

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NEW YORK, NY – JUNE 10, 2015

The Praedium Group, a New York City-based national real estate investment firm, announces the acquisition of Ansley Commons Apartment Homes in North Charleston, SC for $39.2 million. Praedium purchased the Class A 270-unit apartment community located in high growth north metro Charleston, SC.

Built in 2014, Ansley Commons Apartment Homes consists of fourteen residential buildings and a clubhouse/office. It features a varied mix of one- two- and three-bedroom apartment homes with an average size of 1,023 square feet. The apartments feature high quality finishes including 9′ ceilings, walk-in closets, and patios/balconies. Kitchen finishes include espresso cabinets, granite-look laminate countertops, black appliances, and wine racks. Apartment amenities include a resort style pool, fitness center, BBQ area, business center, media room, massage lounge, pet park, playground, and media room.

The Charleston metropolitan area is a major tourist destination with a considerable number of historical buildings, luxury hotels, and bed & breakfasts. Higher education is also an important sector in the local economy, occupied by many institutions such as the Medical University of South Carolina, College of Charleston, The Citadel, The Military College of South Carolina, and Charleston School of Law among others. Since the financial crisis, the Charleston metropolitan area has recovered over 100% of jobs lost since the recession. The Brookings Institute ranked Charleston 9th for job recovery among the 100 largest U.S. metros in 2013. Job growth over the last 12 months was 3.0% versus 2.3% for the U.S., and current unemployment sits at 5.4%. Notable employment drivers in the Charleston MSA include Daimler AG, Boeing, Volvo, and Joint Base Charleston.