August 26, 2015
Multi-Housing News – CRC Acquires Major Community from Greystar, Lubert-Adler
The Baltimore-based commercial real estate investment and management company picked up Avana at Carolina Point, a 346-unit community located at 201 Carolina Point Parkway in Greenville, South Carolina, for $51.75 million. The property was constructed in 2010, and previously owned by Greystar Real Estate Partners and their 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,” stated J.M. Schapiro, chief executive officer of Continental Realty Corporation. “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.”
December 20, 2017