A deep-pocketed New England real estate investor has finalized two Charleston apartment acquisitions totaling nearly $140 million, calling it the kickoff of a “multi-decade commitment” in the Lowcountry.

Northland Investment Corp. this week bought the 312-unit Wharf 7 property on Daniel Island and The Standard, a 280-unit complex along Maybank Highway on James Island.

The Newton, Mass.-based private equity firm paid nearly $70 million for Wharf 7 — among the highest prices ever for an apartment deal on Daniel Island, according to Berkeley County land records.

The company also laid out nearly $69 million for the James Island property, according to a deed filed Friday with Charleston County.
The two sales averaged out to about $235,000 per rental unit.

The sellers were New Jersey-based affiliates of PGIM Inc., formerly Prudential Investment Management, the asset management arm of life insurer Prudential Financial, according to land records for Charleston and Berkeley counties.

“Our acquisition of these two assets is just the beginning of our multi-decade commitment to Charleston and its residents,” said Matthew Gottesdiener, Northland’s chief investment officer.

Northland said its real estate asset portfolio is valued at $5.5 billion and includes more than 25,000 residential units and 2.5 million square feet of commercial space. Until this week the company had no holdings in South Carolina, though it owns apartments in Charlotte.

Gottesdiener said Northland was attracted to the Charleston region because it is “home to some of the country’s fastest-growing and most dynamic companies.”

To read the full article, visit https://www.postandcourier.com/business/real_estate/pair-of-charleston-apartments-sold-to-massachusetts-investment-firm-one/article_5b29e996-dbb1-11e9-a81a-6b6323bae279.html

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NEWTON, MA  (September 19, 2019) – Northland Investment Corporation today announced its entry into Charleston, South Carolina with the acquisition of Wharf 7 and The Standard, two best-in-class luxury apartment communities, located in the highly-desirable communities of Daniel Island and James Island, respectively.

“Charleston is home to some of the country’s fastest-growing and most dynamic companies. The city’s exceptional quality of life and professional opportunities attract an educated millennial workforce that desires highly amenitized rental communities in prime locations,” said Matthew Gottesdiener, Chief Investment Officer at Northland Investment Corporation. “Wharf 7 and The Standard offer the best apartment living experience in the city in two of Charleston’s most desirable areas. Our acquisition of these two assets is just the beginning of our multi-decade commitment to Charleston and its residents.”

Wharf 7 is located in Daniel Island and offers 312 studio to three-bedroom apartments with best-in-class finishes. Residents can experience premium amenities that include a resort-style saltwater pool, poolside TV lounges and grilling stations, a hammock garden, a state-of-the-art fitness center with a separate yoga/spinning studio, community bikes, and an event lawn with a terraced outdoor amphitheater. Units have private patios or balconies, along with high-end features that include chef inspired kitchens, stainless steel appliances, quartz countertops, walk-in closets and built-in shelving and desks. The property also provides access to hundreds of acres of parks, which feature walking and bike trails, and its location offers close proximity to a vibrant downtown area filled with dozens of shops, restaurants, and entertainment options.

Located in James Island, The Standard offers 280 high-end apartments and resort-style living. Residents will enjoy a variety of amenities that include a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, a beautiful public courtyard, and low country inspired clubhouse. The units boast sleek, modern fixtures, with spa-inspired bathrooms and spacious walk-in closets. The property is also equipped with bicycle racks, pedestrian pathways and garage parking. Residents are within walking-distance from James Island County Park.

Charleston has become a top global destination with an expansive and diversified economy. With an influx of multinational companies and fast-growing startups moving into the city, the labor force has grown four times the national average. The diverse employment base combined with the highly efficient transportation system and state-of-the-art medical facilities has led Charleston to become one of the most highly sought-after cities to both reside and work in.

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