Ascenda Capital buys Summerville apartments for $51.5M

A  California real estate company that specializes in workforce and affordable housing has invested in a 232-unity community in Summerville.

Ascenda Capital, a real estate investment and development firm, says it has acquired the multifamily property known as Bryant at Summerville for $51.5 million. The firm says the transaction marks its first investment in the Charleston area.

Located at 325 Marymeade Drive, Bryant at Summerville offers a mix of one-, two-, and three-bedroom apartment homes averaging 945 square feet. The garden-style community features a range of amenities, including a resort-style swimming pool, fitness center, fireside lounge, recreation room, business center, dog park and walking trail.

“Summerville is a high-growth submarket that aligns well with our investment strategy, offering strong fundamentals, continued population growth, and strong long-term demand drivers,” Matt Avital, principal and founder of Ascenda Capital, said in a news release. “Bryant at Summerville is a well-located community that gives us the opportunity to invest in a quality asset while expanding access to more affordable housing options in the market.”

Summerville has emerged as one of the fastest-growing communities in the Charleston metropolitan area, supported by continued population growth, employment expansion, and infrastructure investment along the Interstate 26 corridor. Its accessibility, relative value, and proximity to major employment centers have contributed to sustained renter demand and make it an attractive market for long-term multifamily investment, the company said in the release.

Ascenda Capital plans to execute a strategic asset management program focused on enhancing the resident experience and preserving quality housing options at a competitive price point as the Charleston region continues to expand.

Ascenda Capital says it has completed approximately $3.5 billion in multifamily transactions nationwide and currently owns more than 18,000 apartment units across a portfolio of more than 70 properties.