West Shore Expands into Charleston Market with Acquisition of Premier Multifamily Asset
Purchase of 17 South Apartments positions West Shore in the heart of West Ashley
September 9, 2021 — West Shore, a multifamily real estate investment firm, has purchased 17 South Apartments in Charleston, South Carolina. Ramping up a strategic expansion effort, 17 South Apartments is the firm’s first investment in Charleston and its fifth in South Carolina. West Shore’s owns and operates a diversified national multifamily portfolio of over 10,700 units throughout the United States.
“We are excited to enter the Charleston market with 17 South Apartments,” said Steven P. Rosenthal, Chairman of West Shore. “This deal is emblematic of our strategy of acquiring high-quality assets in dynamic markets. Charleston has rent growth, an energetic economy, and strong employment opportunities, setting 17 South Apartments up for long-term success.”
The multifamily community is made up of 220 studio, one, and two bedroom units. The luxury property is located in the desirable West Ashley neighborhood, a supremely well-positioned submarket in Charleston that provides high-end living close to downtown and major employers. Located at 105 Ivy Green Way, the best-in-class community was designed to provide residents with modern, upscale, and energy efficient apartment homes. The property features an abundance of sophisticated resort-style amenities including recreational areas, a fitness center with spin bikes, a modern clubhouse, and an expansive swimming pool with a cabana and lounge ledge. The units are equipped with gourmet, chef-inspired kitchens, upgraded stainless steel appliances, quartz waterfall countertop islands, subway backsplash tile, and hardwood-style flooring.
“Between its location, demographics, and building quality, the 17 South Apartments asset fits perfectly with our growing portfolio,” said West Shore President, Lee Rosenthal. “Our success in Columbia, South Carolina, and the continued growth in Charleston, makes us confident about expanding to this exciting market.”