10/8/2008

SVN to market Charleston Palms for $18M

by Drew Smith

Charleston Palms

Sperry Van Ness is currently marketing for sale the Charleston Palms, a 408-unit apartment community in Charleston, S.C. The property has an asking price of $18 million.

The seller is being represented by Jim Scofield and Wayne Braren of the firm's Raleigh, N.C., office, along with Alex Graham of the Charleston office.

Built in 1969, the complex is located at 311 Royal Palm Blvd. It is being offered for $44,000 per unit and a 7.4 percent capitalization rate. It is comprised of 52 buildings on 18.3 acres and is currently more than 90 percent occupied.

Address: 311 Royal Palm Blvd., Charleston, S.C.

Size: 408 units

Built: 1969

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Filed Under: Multi-Family

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