BLUFFTON, SC – CREC Real Estate has announced a partnership with Rincon Capital Partners to acquire NEXTLoft Apartments, a 148-unit B + tenement complex located in Bluffton, South Carolina. Terms of the deal were not disclosed.
Located at 1376 Fording Island Road (or US 278, the highway that provides access to Hilton Head Island) in Bluffton, South Carolina, the three-story, two-building complex is 20 miles north of Savannah, Georgia, and is part of the Hilton Head. / Bluffton / Beaufort Metropolitan County. The surrounding area has seen population growth of more than 50% over the past 20 years, mainly driven by an influx of retirees, creating demand for housing for service workers who serve the area’s resorts, shops and restaurants.
“NEXTLoft is an attractive property with solid fundamentals,” said Jeff Coopersmith, Founder and Managing Partner of CREC. “The Hilton Head area is an active regional center of attraction for tourists and retirees, with positive growth trends for both permanent residents and the service jobs that accompany such growth. We believe the Bluffton submarket and the entire region will benefit from continued rental demand for the immediate future. “
Originally built in 2000 as an extended stay hotel, NEXTLoft underwent significant renovation in 2019 and was transformed into a residential complex with boutique apartments. Studios and one-bedroom apartments feature 9-meter stucco ceilings, wooden wardrobes, stainless steel appliances and a redesigned dressing table. The community, which has a 98% occupancy rate, boasts a clubhouse, pool, dog park and state-of-the-art fitness center. CREC and Rincon intend to upgrade the roof, HVAC and asphalt, and add exterior amenities and security features, including a central outdoor kitchen / grill area, a parcel delivery locker, and a FOB keyless entry system. community-wide to improve the convenience of residents. safety. The building provides easy access to shopping malls, shops and grocery stores, a public golf course, cafes, boutiques and offices in downtown Bluffton.
CREC specializes in residential real estate investments in the secondary and tertiary markets across the United States, with over $ 1 billion in real estate assets under management. Rincon, based in Phoenix, is a vertically integrated full-service real estate and property management firm. CREC and Rincon have partnered in three previous joint ventures, two in Tucson and the other in Phoenix.