Argyle Real Estate Partners, a Tampa, Fla.-based real estate investment firm, has entered the Charleston, S.C., market with the acquisition of Newbrook Point Hope, a 264-unit multifamily property that is part of the Point Hope master-planned community.
The seller’s name and price paid for the property were not disclosed. However, Woodfield Development, a Charleston-based investment and development firm, listed the community as sold on its website.
Greystar will provide onsite property management services.
Argyle CEO Ryan Reyes said in prepared remarks the firm was pleased to tap into unchartered territory and close out 2023 with the Newbrook acquisition. Noting its location, accessibility, condition of the property and development planned for the area, Reyes said they expect Newbrook to be one of the standout properties in the portfolio.
The Point Hope master-planned community contains single-family residential homes from some of the nation’s top builders, including Pulte, as well as multifamily housing, retail and office space and newly built A-rated public schools.
Located at 301 Newbrook Dr., Newbrook is in an area of Charleston that’s an extension of the Daniel Island submarket. The property is about 25 minutes from downtown Charleston as well as manufacturers such as Boeing and Mercedes and the region’s healthcare hub. Daniel Island is home to major employers including Benefitfocus, Booz Allen Hamilton and Gildan.
Newbrook details
Argyle Principal Mike Cacciatore said in a prepared statement that Newbrook fits the company’s investment criteria of buying well-located assets for below replacement cost in strong and desirable submarkets.
Completed in 2021, Newbrook has studios, one-, two- and three-bedroom units averaging more than 1,000 square feet. Apartment features include stainless steel appliances, quartz countertops, modern fixtures, walk-in closets and full-size washers and dryers.
Community amenities include a full-service clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with trails for walking, biking and running that also provide access to other neighboring attractions. The property is within walking distance of Publix supermarket and 30,000 square feet of quality retail.
Argyle’s investments
Argyle teamed up with Sembler Investments in August 2022 to acquire more than $1.5 billion of apartments in the Southeast and Texas over several years. The partnership focuses on apartments built after 2000 in markets experiencing major population growth and corporate relocations that offer high quality of life for residents.
Recent investments include the September 2023 purchase of Easton Place, a 184-unit multifamily property in Murfreesboro, a Nashville, Tenn., submarket, and the May acquisition of Indigo at Cross Creek in Indian Land, S.C., a 303-unit property. That purchase was made in a joint venture with Cadre.
