North Charleston apartments sold in brokerage deal

A commercial real estate brokerage firm has sold a Lowcountry apartment complex.

Marcus & Millichap, which specializes in investment sales, financing, research and advisory services, has sold Read Street Apartments, a 28-unit multifamily property in North Charleston, for $3.6 million

“Through a competitive marketing process, we generated multiple offers and ultimately secured a buyer willing to put down hard money on day one,” said William Graves Jr., first vice president investments in Marcus & Millichap’s Charleston office, in a news release. “That level of certainty and speed underscores the strength of investor demand for multifamily properties in the Charleston region and reflects the momentum we’re seeing in North Charleston, with this marking our fifth closing there year-to-date.”

Graves had the exclusive listing to market the property on behalf of the seller, and Ryan Lipomi, senior director investments in the firm’s Charleston office, represented the buyer, a South Carolina-based private investor.

Located at 5527 Read St., Read Street Apartments comprises 28 renovated two-bedroom, one-bath units, each totaling 570 square feet. The property spans 15,960 rentable square feet on 1.17 acres and was 95% occupied at the time of sale.

Situated 12 miles from downtown Charleston and less than five miles from the Charleston Navy Yard redevelopment, the property benefits from strong employment drivers including aerospace, manufacturing, port activity, and technology, the release stated.