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Sep 23, 2019

Pair of Charleston apartments sold to Massachusetts firm

The Post and Courier
September 20, 2019
By Warren L. Wise

A deep-pocketed New England real estate investor has finalized two Charleston apartment acquisitions totaling nearly $140 million, calling it the kickoff of a “multi-decade commitment” in the Lowcountry.

Northland Investment Corp. this week bought the 312-unit Wharf 7 property on Daniel Island and The Standard, a 280-unit complex along Maybank Highway on James Island.

The Newton, Mass.-based private equity firm paid nearly $70 million for Wharf 7 — among the highest prices ever for an apartment deal on Daniel Island, according to Berkeley County land records.

The company also laid out nearly $69 million for the James Island property, according to a deed filed Friday with Charleston County.
The two sales averaged out to about $235,000 per rental unit.

The sellers were New Jersey-based affiliates of PGIM Inc., formerly Prudential Investment Management, the asset management arm of life insurer Prudential Financial, according to land records for Charleston and Berkeley counties.

“Our acquisition of these two assets is just the beginning of our multi-decade commitment to Charleston and its residents,” said Matthew Gottesdiener, Northland’s chief investment officer.

Northland said its real estate asset portfolio is valued at $5.5 billion and includes more than 25,000 residential units and 2.5 million square feet of commercial space. Until this week the company had no holdings in South Carolina, though it owns apartments in Charlotte.

Gottesdiener said Northland was attracted to the Charleston region because it is “home to some of the country’s fastest-growing and most dynamic companies.”

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