The Beach Company Acquires Charleston, S.C. Apartments

Windjammer Apartments, a 212-unit garden-style multifamily community in Charleston.

The Beach Company has acquired the Windjammer Apartments, a 212-unit garden-style multifamily community in Charleston.

CHARLESTON, S.C. – October 18, 2021 – The Beach Company recently announced the October 6 acquisition of the Windjammer Apartments, a 212-unit garden-style multifamily community in the West Ashley submarket of Charleston, South Carolina.

Located in a well-established area, the community offers convenient access to downtown Charleston as well as a wide array of major employers, retail establishments, beaches and barrier islands and access to multiple state parks.

“The Windjammer’s incredible infill location and access to area employers make it an ideal candidate for a property-wide capital improvement program,” said The Beach Company’s Acquisitions Manager Darby Parker. “The Beach Company has developed a full-scope renovation strategy including improvements to unit interiors, exteriors and amenities, and plans to increase access and walkability to the community’s many great retail nodes and through-property walking trails.”

Built in two phases in 1975 and 2009, the stabilized property features 212 rental residences averaging 891 square feet and an amenity package that includes a resort-style pool, outdoor lounge area, fitness center and dog park.

“We believe the Windjammer offers a tremendous opportunity to reposition a well-located asset in our local Charleston market,” said The Beach Company’s Director of Asset Management Teddy Hendricks. “Our robust renovation strategy encompasses both high-quality interior finishes and exterior upgrades and will bring a full array of modern conveniences to a seasoned community.”

“The Beach Company knows the West Ashley submarket exceptionally well, and its growth story over the past few years has been remarkable,” said The Beach Company’s Senior Vice President and Fund Manager Leonard Way. “We plan to undergo a total property renovation to capitalize on the market growth.”

This transaction represents the sixth acquisition in the company’s Beach Investment Fund. David Lansbury and Jim Sewell, CBRE’s Charleston-based multifamily professionals, facilitated the sale on behalf of the private seller. The Beach Company’s acquisitions team of Darby Parker and Niko LeVigne facilitated the transaction of behalf of the buyer. CBRE’s Nate Sittema and Kristen Reilley facilitated the financing.

About The Beach Company
Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development, and property management for over 75 years. Led by CEO John Darby, The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.

About Beach Investment Fund LP.
Launched in 2019, Beach Investment Fund LP is a Charleston, S.C.-based discretionary fund managed by Beach Real Estate Fund (BREF), an affiliate of The Beach Company. BREF acquires and operates multifamily assets in the Southeast U.S. and aims to implement a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction, and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.


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