NORTH CHARLESTON, S.C. — A joint venture comprised of McLean, Virginia-based KETTLER and The Stillman Group of Scarsdale, New York, has sold Waverly Place, a 276-unit community in North Charleston. The buyer was the Charleston Workforce Housing Fund, an impact fund led by Charlotte, North Carlonia-based Ascent Housing in partnership with Housing Collaborative, a Charleston-based affordable housing nonprofit. The acquisition is part of a citywide initiative to expand affordable and workforce housing across the region. According to The Post and Courier, the asset sold for approximately $41 million.
Newmark’s Alex Okulski, Gordon Huey, Dean Smith and Sean Wood represented the seller in the transaction. Josh Davis, Chris Caison, Patrick Breed, Michael Manfro, CJ Webb, Patrick Szyperski and Andrew Kraus secured an undisclosed sum of acquisition financing through Freddie Mac on behalf of the buyer.
Waverly Place is a garden-style apartment and townhome community located in North Charleston’s Archdale neighborhood, offering a mix of one-, two- and three-bedroom floor plans with such amenities as a clubhouse, fitness center, resort-style pool, outdoor grilling areas, playground, dog park, package lockers and tennis and racquetball courts.
According to Trident United Way, all of the apartments at Waverly Place are now set aside for households earning less than the Charleston’s area median income (AMI), which ranges from $73,600 for a one-person household to $105,100 for a family of four. Ninety percent of the units are reserved for households earning below 80 percent AMI. Remaining rents are capped at 60 and 30 percent of AMI. Since the acquisition, asking rents at Waverly Place have dropped by $175 to $455 per month.