Two North Charleston apartment complexes change hands | Business


A pair of North Charleston apartment complexes recently changed hands.

Miami-based real estate investment firm Monument Capital Management, an A-Rod Corp. company, recently acquired the 222-unit Plantation Flats apartments at 2181 Dunlap St. behind the former HHGregg store off Rivers Avenue. The purchase price for the 15-acre complex was $21.6 million, according to Charleston County property records.

The previous four owners — Alba Florida Rentals SPE, Alba Florida Investments SPE, JPM Naples SPE and Summit Place SPE — paid $14 million for the apartments in 2015, records show. They also announced plans to invest $2 million in the property.

+1  <a href=Alston Arms Apartments (copy)" class="img-responsive lazyload full" width="1848" height="1121" />
Alston Arms Apartments in North Charleston recently sold for $12.1 million to a New Jersey company. Leroy Burnell/Staff

Meanwhile, the 160-unit Alston Arms Apartments at 2410 Alston Ave. off Midland Park Road was sold to a New Jersey-based firm for $12.1 million. It's the first sale of the site since the first units were developed in 2005, according to property records.

Monument's purchase marks the firm's first acquisition in the Charleston area. Monument Real Estate Services, a sister firm, will manage the property. A sign out front says a multimillion-dollar upgrade is coming.

The multifamily complex, built in 1984, consists of garden-style units and townhome apartments in 32 two-story buildings with one- and two-bedroom floor plans.

The apartment community’s amenities include a renovated clubhouse, resort-style pool, fitness center, resident summer/kitchen game lounge, laundry center and tennis court.

As for Alston Arms, Foley Investments LLC of Mount Pleasant sold the 8.7-acre complex to Lakewood, N.J,-based Alston Arms 2017 LLC. The two-story units, off Ward Avenue not far from Charleston Air Force Base, were built between 2005 and 2008, property records show.

On display

The Charleston Fall Home Show is opening its doors later this month.

The three-day exhibit runs Aug. 25-27 at the Gaillard Center in downtown Charleston. Sponsored by Charleston Home + Design Magazine, the show will offer more than 100 custom builders, architects, interior designers and other building professionals.

The event is free on the first day, running from 11 a.m. to 6 p.m. Admission is $7 per person before 2 p.m. Aug. 26-27 and $2 after 2 p.m.

A “Kitchens, Baths + All That Jazz” home show party, at $15 a ticket, runs 7-10 p.m. Aug. 25. It includes complimentary beer, wine and food at vendor booths.

Free interior design consultations for homeowners will be offered all three days. They run 20-30 minutes. Call 843-577-7652 to reserve a time slot.

From noon to 4 p.m. Aug. 26, local architects will offer free one-hour digital photo presentations of homes designed by their firms. Also, free home improvement seminars will be offered Aug. 26-27.

Look for giveaways and prizes, some valued at $2,000 each, throughout the event.

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