Financing leads to $12M apartment sale in Summerville

JLL Capital Markets arranged $8.567 million in acquisition and renovation financing for Treehaven Apartments, an 88-unit garden-style multifamily community in Summerville that sold for nearly $12 million.

JLL represented the borrower, Prospect Lane, in arranging a five-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender.

Treehaven Apartments, located at 400 Pinewood Drive, was marketed for convenient access to Interstate 26 and surrounding employment centers in the greater Charleston area, according to a JLL news release. The property, built in 1978 and last renovated in 2003, comprises 143 one-bedroom and 79 two-bedroom units across its garden-style layout.

The property features air conditioning, heating and ceiling fans in all units, along with fully equipped kitchens including refrigerators, ovens, dishwashers and garbage disposals. Each unit includes washer and dryer hookups for resident convenience. Community amenities include a fitness center, swimming pool, clubhouse, beautifully landscaped grounds, a playground and organized resident activities. High-speed internet is available throughout the property, and 24-hour emergency maintenance ensures resident safety and satisfaction.

Prospect Lane acquired the asset for $11.85 million and is implementing an $800,000 capital improvement plan to renovate units as they become available, along with exterior, amenity and building upgrades, according to the release.

JLL Capital Market’s Debt Advisory team was led by directors Jonah Aelyon and Brad Woolard, and senior analyst Tomie Vega.

“The successful arrangement of acquisition financing for Treehaven Apartments demonstrates the continued appetite for value-add multifamily investments in the Charleston market and Prospect Lane’s ability to uncover off-market opportunities,” Aelyon said in the release. “The property’s strategic location in Summerville and the tax abatement structure made this an attractive opportunity for both the borrower and lender.”

Prospect Lane is a national real estate investment, operations and development firm focused on multifamily value-add opportunities. The company retains a portfolio of 13 apartment communities throughout the Carolinas totaling more than 2,000 units.