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August 26, 2015

GSA Business – CRC Acquires Avana at Carolina Point Apartments in Greenville, South Caroline

Avana-swimming-pool Continental Realty Corp. has acquired Avana at Carolina Point in Greenville for $51.75 million.

Baltimore-based Continental Realty Corp is a commercial real estate investment and management company. Avana at Carolina Point is a 346-unit apartment complex at 201 Carolina Point Parkway. Constructed in 2010, the complex was previously owned by Greystar Real Estate Partners and joint venture partner Lubert-Adler.

“Avana at Carolina Point satisfied each value-add criteria in our evaluation and analysis process. The apartment community was purchased for below replacement costs and is in excellent physical condition with a diverse amenity package for its residents,” said J.M. Schapiro, CEO, Continental Realty Corp. “In order to add significant value to this asset, CRC intends to invest in unit upgrades as well as expanding the fitness room and improving the clubhouse and resident amenities.”

GSA Business Article

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