Continental Realty buys Elevate at Brighton Park

A Baltimore-based real estate investment and management company has added to its South Carolina multifamily portfolio with the acquisition of Elevate at Brighton Park, a property with 329 apartment homes in Summerville.

Continental Realty Corp. announced the purchase of the complex at 115 Great Lawn Drive within the Nexton master-planned community. The cost of the acquisition was not divulged.

American Landmark was represented by Newmark’s Alex Okulski in its sale.

“Elevate at Brighton Park boasts a superior location and premier visibility with multiple entry points within the Nexton community, and this investment presents a strong opportunity to drive performance through select value-add enhancements and further add to the economies of scale created by our company’s broader presence across the Charleston submarket,” Matthew Joiner, CRC’s senior managing director of multifamily acquisitions, said in a news release. “Our deep market expertise and proven ability to execute complex transaction structures reinforced our position as the preferred counterparty.”

Completed in 2019 and currently 94% leased, Elevate at Brighton Park consists of 19 three-story buildings with three distinct product types: traditional garden-style apartments, carriage homes and townhome units with attached garages. The average home size is 1,014 square feet, according to the release. The community features a standalone clubhouse equipped with separate fitness and business centers, an exterior saltwater swimming pool and outdoor lounge areas with grills, gaming options, a hammock garden and dog park. Various pocket parks are also situated throughout the community.

The Nexton community integrates a mix of Class A commercial office space, residential villages, educational institutions, retailers and the MUSC hospital system. CRC intends to complete interior unit upgrades and improvements to the common-area amenities to enhance operations and reposition the property within the master plan.

“The Charleston MSA has proven to be an attractive CRC market, supported by our current ownership on Daniel Island and in Mount Pleasant,” Ari Abramson, CRC’s managing director of multifamily acquisitions, said in the release. “Nexton, an amenity-rich and fast-growing master-planned community in Summerville, aligns exceptionally well with our investment strategy. The community’s distinctive design and mix of traditional units, carriage homes and townhomes with attached garages offers a compelling differentiated product,” said.

Founded in 1960, Continental Realty Corporation is a vertically integrated, privately held commercial real estate and investment company specializing in the acquisition and operation of retail and multifamily properties. CRC owns and manages a national portfolio of more than 8 million square feet of retail space and over 10,000 apartment homes across 15 states, with a total value of more than $4.2 billion, according to the release.