BLUFFTON, SC – CREC Real Estate announced that it has partnered with Rincon Capital Partners to acquire NEXTLoft Apartments, a 148-unit Class B + apartment building in Bluffton, SC. The terms of the transaction were not disclosed.
The three-story, two-story complex is located on 1376 Fording Island Road (or US 278, the thoroughfare that provides access to Hilton Head Island) in Bluffton, South Carolina, 20 miles north of Savannah, Georgia, and is part of the Hilton Head / Bluffton / Beaufort metropolitan area. The area has seen more than 50% population growth over the past 20 years, largely driven by the influx of retirees, creating a demand for housing for the service industry workers who occupy the area's resorts, shops and restaurants .
"NEXTLoft is an attractive property with strong fundamentals," said Jeff Coopersmith, CREC Founder and Managing Partner. “The Hilton Head area is an active regional tourist attraction and retirement destination with positive growth trends for both permanent residents and associated service jobs. We believe that the Bluffton submarket and the wider area will benefit from the continued demand for rental housing for the foreseeable future. "
Originally built as a long-stay hotel in 2000, NEXTLoft was extensively renovated in 2019 and converted into a boutique apartment community. The studio and one-bedroom units have nine-foot ceilings with moldings, wooden cabinets, stainless steel appliances, and updated bathroom vanities. The 98% occupancy community has a clubhouse, swimming pool, dog park, and state-of-the-art fitness center. CREC and Rincon plan to do roof, HVAC and asphalt upgrades and will add outdoor facilities and security features including a central outdoor kitchen / grill area, a locker for parcel delivery and a community-wide FOB keyless entry system to improve residents. Security. The building provides easy access to outlet malls, major retail and grocery stores, a public golf course, and the restaurants, boutiques and offices of downtown Bluffton.
With more than $ 1 billion in real estate under management, CREC specializes in multi-family real estate investments in secondary and tertiary markets in the United States. Phoenix-based Rincon is a vertically integrated, full-service real estate and property management company. CREC and Rincon have worked on three previous joint ventures, two in Tucson and the other in Phoenix.