A record real estate sale for the highest multifamily deal was recently made in downtown Charleston.
A new apartment complex, Foundry Point Apartments, sold for a staggering $82.4 million dollars. The complex, which is located on Huguenin Avenue, was purchased by Madison Capital Group, a private investment firm based in Charlotte, North Carolina.
With 275 total units, the luxury apartment complex offers one, two, and three-bedroom apartments ranging in price from $1,505 to $5,500.
Ryan Hanks, the founder of Madison Capital Group, is eager for his company to continue to expand in the Charleston area. In a statement regarding the recent purchase, Hanks said, “Foundry Point is an asset that we plan to hold long term as we believe in the long-term growth of Charleston, particularly on the peninsula, The nearby corridor is continuing to transform, and we are excited to see how the area looks in 10 to 15 years.”
Madison Capital Group already has a number of properties in and around the Charleston area, as more and more companies are recognizing and taking advantage of the city of Charleston and everything it has to offer.