Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Clement Arms Apartments, a 49-unit multifamily community located in North Charleston, South Carolina. The property sold for $5,440,000, or $111,020 per unit.
Ryan Lipomi, Will Graves and Nate McDaniel, investment specialists in Marcus & Millichap’s Charleston office, had the exclusive listing to market the property on behalf of the seller, in addition to procuring the buyer.
“This is the second time we have sold this asset in the past two years,” says Lipomi. “The seller’s proven value-add strategy worked according to plan, and now the buyer has the ability to continue renovations and raise rents. This is the third property we have sold on Clements Avenue in 2023, as the quality of rental options in the area continues to increase.
Built in 1980 on 1.24 acres of land, Clement Arms Apartments is located at 1815 Clements Avenue in North Charleston.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.