Braden Fellman Group Acquires Multifamily Portfolio In Charleston For $76M
SOLD
$76,000,000
South Carolina
See Similar DealsMultiFamily
Sold 11/08/2021
SOLD
Braden Fellman Group Acquires Multifamily Portfolio In Charleston For $76M
1551 Sam Rittenberg Boulevard, Charleston, SC, USA
See Similar DealsMultiFamily
Sold 11/08/2021
Summary
SOUTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
An investment group led by Braden Fellman Group has acquired three multifamily properties in Charleston, South Carolina. The properties include 1551 Sam Rittenberg Road, 1478 Orange Grove Road, and 2040 Ashley River Road. The transaction was completed on 11/08/2021 for a total sale price of $76,000,000. The portfolio consists of 498 units, with an average price per unit of $152,610.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Units: 498
- Price Per Unit: $152,610
- Address: 1551 Sam Rittenberg Road, 1478 Orange Grove Road & 2040 Ashley River Road
- Market: Charleston, South Carolina
The seller, Norman Radow, represented The RADCO Companies (RADCO) in the deal. The broker for the transaction was Andrew Mays from Berkadia. They played a key role in facilitating the successful sale of these properties.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28
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