Eller Capital Partners, a private equity real estate investment firm, has acquired three multifamily communities in Charleston, South Carolina. The portfolio—ARIUM North Charleston, ARIUM St. Ives, and ARIUM Mount Pleasant—was purchased for $130 million from privately held multifamily firm CARROLL.
The Chapel Hill, North Carolina-based Eller Capital Partners is focused on investing in multifamily assets in high-growth Sun Belt markets and is active in Charlotte, Raleigh-Durham, Wilmington, and Winston-Salem, North Carolina, as well as Myrtle Beach, South Carolina. This portfolio acquisition marks the firm’s entry into the Charleston market.
Built in 1988, ARIUM North Charleston features 192 units with convenient access to nearby employment hubs. ARIUM St. Ives, built in 1986 and across the street from ARIUM North Charleston, is comprised of 248 units. ARIUM Mount Pleasant is the oldest of the three, being built in 1983 with 240 units on over 23 acres. Eller plans to complete a substantial capital improvement program at the three communities, including modernizing the building exteriors and amenities as well as adding new plank flooring, stainless steel appliances, quartz countertops, and sustainable lighting and plumbing fixtures to the units.
“We are incredibly excited to enter the Charleston market with the acquisition of three well-located and well-maintained assets that have a long history of institutional ownership,” said CEO Daniel Eller. “Rent growth in Charleston has outpaced every major market in the Carolinas over the last 18 months, and we expect the market to outperform as the recovery continues. We look forward to executing on our capital improvement plan to modernize the communities, create an exceptional experience for our residents, and add value for our investment partners.”
Cushman & Wakefield’s Tai Cohen, Marc Robinson, Robert Stickel, Jordan McCarley, John Phoenix, Richard Gore, and Tyler Fish represented the seller in the transaction.
“The assets of the Charleston portfolio offer significant opportunities for organic growth in the booming Charleston market,” said Cohen. “These remarkable additions to Eller Capital’s growing presence in the Sun Belt will see immediate returns as all three assets offer market-proven value-add initiatives and strong operational performance.”