Exciting Developments in Bluffton as Property Acquisition Shakes Things Up
Bluffton, SC – Big things are happening in Bluffton, and we’re here to give you the scoop! On September 27, 2024, it was announced that Continental Realty Corp., a real estate company based out of Baltimore, has made a significant move in the Bluffton-Hilton Head area by purchasing the multifamily community known as Bristol at New Riverside for a whopping $44.5 million.
A Thriving Community
The property, located at 205 Forest Trace, was originally developed by Madison Communities and has just had its doors opened earlier this year. At the time of the sale, it was already 90% leased; talk about a hot property! This wasn’t the first investment made by CRC in this area. Bristol at New Riverside is their second multifamily acquisition in Bluffton, showing that they are keen on making a splash in our lovely town.
A Little About the Property
Bristol at New Riverside is a beautiful complex that consists of six two- and three-story buildings. Residents can choose between one- and two-bedroom floor plans, with sizes ranging from 745 to 1,186 square feet. Each apartment boasts some impressive features, including nine-foot ceilings, quartz countertops, and walk-in closets. The kitchen has stainless steel appliances ready and waiting for any home chef looking to whip up a delicious meal.
But that’s not all! Residents can also enjoy a large clubhouse complete with a fitness center and a resident coffee lounge. Don’t forget the outdoor amenities, where you’ll find a lovely saltwater swimming pool and a spacious recreation area. CRC is planning to activate this area in the coming year, making it even better for all residents.
Looking to the Future
Ari Abramson, Vice President of Acquisitions at CRC, was enthusiastic about the acquisition, calling Bristol “a best-in-class asset.” He emphasized its fantastic strategic location within the New Riverside Village, which is a bustling mixed-use community already shaping up to be something special. Abramson noted that the demand for rental housing in the greater Bluffton-Hilton Head area is on the rise, which is evident from the rapid signing of leases even before retailers began operating in the area.
The Bigger Picture
This acquisition has a lot to offer not just to potential residents but also to the local economy. The efforts by CRC are set to enhance their already sizeable portfolio in South Carolina, where they manage more than 1,100 apartment units across the state, in addition to various properties including Sweetgrass Landing and The Bluestone Apartments in Bluffton.
For those who might not be familiar with CRC, the company was founded in 1960 and has been making waves in the real estate market since. They focus on acquiring and operating retail and multifamily properties, owning over 9,000 apartment homes across 12 states and boasting a portfolio value north of $4 billion.
A Bright Future for Bluffton and Beyond
With the growing popularity of Bluffton as a living destination, it’s clear that major players like CRC are betting big on our city’s future. As the community continues to expand with new commercial and residential developments, we can expect to see even more excitement and opportunities arise. The addition of vibrant retail spaces, restaurants, and community amenities means that residents will have all they need right at their doorstep.
In conclusion, the acquisition of Bristol at New Riverside marks yet another step in Bluffton’s growth and offers residents a chance to experience a living community filled with modern conveniences and a touch of Southern charm. Who’s excited to see what’s next?
