Ginkgo Residential, a provider of attainable and eco-friendly multifamily communities in the Carolinas, has acquired a five-property portfolio comprising 647 units in the Charleston, South Carolina, metro.
The off-market transaction marks the firm’s second acquisition of the year as well as its continued focus on high-growth Southeastern markets. It follows the recent acquisition of a 219-unit multifamily community in Wilmington, North Carolina. The five-property portfolio transaction was completed in a joint venture between Ginkgo REIT and J.P. Morgan Real Estate Income Trust.
The communities, originally developed between 1975 and 1985, include Brackenbrook Apartments, 168 units; North Bluff Apartments, 144 units; The Landing, 119 units; Sawbranch Apartments, 112 units, and Woodlocke Apartments, 104 units.
The portfolio had been owned and professionally managed by the same firm for many decades, with investment in long-term capital improvements. At the time of the acquisition, the communities were 93.5% occupied. According to Ginkgo, it plans to build on the portfolio’s foundation by strengthening the resident experience and better positioning the properties against their competition.
“This is a portfolio we’ve been tracking for several years, and we’re excited to have the opportunity to acquire it,” said Ginkgo Residential co-CEO and principal Bill Green. “Its long-term ownership and strong physical condition provide a rare foundation for both operational improvement and long-term value creation.”
The Charleston metro has exhibited strong housing fundamentals, bolstered by consistent population and job growth. The properties in the portfolio are in established workforce housing submarkets with proximity to major employers such as Boeing, Mercedes-Benz Vans, and Trident Health.
“These communities have been very well maintained, and, with our proven operating platform, we believe we can unlock significant additional value while continuing to serve the growing demand for quality housing in Charleston,” added Kiel Bollero, director of acquisitions at Ginkgo Residential.
