CHARLESTON, SC (July 25, 2019) – Capstone Apartment Partners announces it has closed the $51.1 million sale of Paxton Point Hope, a 274-unit apartment community with full amenities in the Point Hope Commons mixed-use development in Charleston, South Carolina. Capstone sold the property on behalf of Charlotte-based The Spectrum Companies, and procured the buyer, VTT Management of Framingham, Massachusetts.
Located adjacent to the 9,000-acre planned unit development, the newly constructed Paxton Point Hope was completed this summer and was approximately 35 percent occupied at the time of closing. The property features studio, one, two, and three-bedroom units, including two-bedroom carriage homes.
“Paxton Point Hope is a great addition to VTT’s large portfolio of properties in the Charleston MSA. VTT believes in the Charleston market long-term and we love doing business here. The area is a cultural fit for VTT – and we enjoy self-managing our properties here and serving the Charleston community,” said VTT Management COO Michael Reed & CEO Vaios Theodorakos in a joint statement. “We will continue to grow in Charleston for many years to come.”
Paxton Point Hope features full amenities including a 4,100-square-foot fitness center and a 7,500-square foot-clubhouse and lounge, and residents enjoy a resort-style saltwater pool, dog park, game room, outdoor grilling area and more – all within walking distance to the new Publix-anchored shopping center off of Clements Ferry Road within Point Hope Commons Shopping Center.
Paxton Point Hope is the third luxury apartment community Spectrum has built in the market and two more are underway. “The successful transition of Paxton Point Hope represents the conclusion of several years of hard work delivering one of the highest quality suburban multi-family communities in the Charleston market,” said Spectrum COO, Steve McClure. “It’s through projects like this that Spectrum fulfills its mission of changing lives by creating special places.”
The Capstone Apartment Partners transaction team was led by Caleb Troop and Alex McDermott. “With its first Class A purchase in the Charleston market, VTT is adding to their Charleston portfolio with a quality asset in one of the fastest growing submarkets of the Lowcountry,” McDermott said.
“Paxton Point Hope is the perfect illustration of how forward-thinking developers like Spectrum are meeting the needs of the suburban rental market with luxury finishes, proximity to Class A services and ease of access to major employers in the city,” Troop said.
About VTT Management
Since its first acquisition in 1987, VTT Management grew to over 7,000 multifamily units and 1,000,000 of retail/office space in South Carolina, North Carolina & Massachusetts. VTT is an old-fashioned commercial real estate investment and management company. We self-manage every property we own – with over 100 dedicated employees. VTT has no outside investors – instead, we have grown organically for over 30 years with smart acquisitions and grass-roots property management. At VTT, the customer is #1 – we relentlessly pursue new and better ways to serve our customers and our communities. Learn more at: www.vttmanagement.com.
About The Spectrum Companies
The Spectrum Companies is a commercial real estate firm that changes lives by creating special places. The company owns, develops, leases and manages commercial and multifamily property across the Southeast, with a focus on Charlotte and Raleigh in North Carolina, Charleston and Greenville in South Carolina, and Nashville, Tennessee. Founded in 1982, Spectrum has developed more than 4 million square feet of commercial space and over 4,400 multifamily units. The Company has more than 4.5 million square feet of commercial property under management and over 2,200 multifamily units in a portfolio valued at $2 billion. Spectrum leverages its exceptional people, solid platform, and deep relationships to create quality projects that enrich communities. Learn more at www.spectrumcos.com.
About Capstone Apartment Partners
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.