CBRE Arranges Sale of 284-Unit Multifamily Property in Charleston

CBRE has arranged the sale of Preserve at Essex Farms, a 284-unit apartment community located in Charleston, South Carolina. The property, managed by B&M Management Company, was sold in a transaction that closed March 19, 2024. A sale price was not disclosed.

CBRE’s Jim Sewell, David Lansbury and Erika Maston represented the seller in the transaction.

Located at 3245 Glenn McConnell Parkway, Preserve at Essex Farms is located in the West Ashley submarket and benefits from proximity to downtown Charleston employment, shops and restaurants, as well as Folly Beach and Kiawah Island. The property consists of studio, one-, two- and three-bedroom floor plans and features a unique two-story, townhome-style layout with semi-private entrances. Current amenities include a resort-style pool, grill area, bike trail, 24-hour fitness center, pet-friendly facilities, pet spa area and well-maintained grounds.

“This is a truly great, core-plus opportunity in West Ashley,” said Jim Sewell, Senior Vice President with CBRE. “The asset is well-maintained, and its low-density site plan lends to a quiet neighborhood feel attractive to renters. It has been performing well, but also has significant upside potential through interior renovations.”