Sweetgrass Landing Apartments in Mount Pleasant sold for $55.5 million.

Acquisition is Continental Realty Corp..is the fifth active in the greater Charleston area.

Developed in 2001, Sweetgrass Landing Apartments are located at 1100 Legends Club Drive and consist of 14 two-story buildings. Formerly owned by Capital of Chaucer Creek, the apartment complex was 96% leased at the time of the off-market transaction. CRC acquired 175 of the 200 units with the sale. The other 25 are private condominiums.

Ari Abramson, CRC’s vice president of acquisitions, said the company’s “deep relationships” forged within the local real estate community are what made the transaction possible.

“Sweetgrass Landing has an impressive track record of performance and, following the completion of an extensive renovation and upgrade strategy, we are confident that we can significantly elevate this asset to best-in-class status,” Abramson said. in a press release.

Based in Baltimore, CRC is a commercial real estate and investment firm focused on the acquisition and operation of commercial and multifamily properties.

Abramson added that CRC intends to seek additional regional acquisitions to expand the company’s portfolio.

Sweetgrass Landing Apartments was purchased on behalf of Continental Realty Fund V LPa $210.8 million private equity fund that focuses on acquiring value-added commercial and multifamily properties in the Mid-Atlantic and Southeast regions.

The Sweetgrass acquisition comes less than two months after CRC purchased another apartment complex in Mount Pleasant, The Six Apartments, for $27.5 million. The two acquisitions represent the fund’s fifth and sixth multi-family community acquisitions.

CRC also owns and manages Downtown Mount Pleasant — acquired in 2020 for approximately $147 million — and Central square of the island. The mixed-use project on Daniel Island contains 313 multi-family units and was purchased the same year for $91.75 million. CRC also owns and manages West Ashley Stores after a $17.3 million transaction in 2016. The nearly 140,000 square foot neighborhood mall in Charleston is anchored by Bed, bath and beyond.

Contact Teri Errico Griffis at 843-849-3144.