Baltimore-based real estate and investment company, now has more than 1,100 apartment homes in greater Bluffton-Hilton Head, Charleston, and Mount Pleasant areas of South Carolina
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 12 states, has acquired its second multifamily community in the greater Bluffton-Hilton Head, South Carolina area with the recent $44.5 million acquisition of Bristol at New Riverside, located at 205 Forest Trace in Bluffton. Developed by Madison Communities, delivered in 2024, and formerly known as Madison New Riverside, the 166-unit two- and three-story garden community was 90 percent leased at the time of this transaction. Taylor Bird, Executive Managing Director of Cushman &Wakefield, represented the seller in this transaction.
This is the third asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC in partnership with Brown Advisory, a global private and independent investment management and strategic advisory firm headquartered in Baltimore. The open-ended fund, focused on stabilized or near-stabilized opportunities, was formed to identify, and acquire Class “A” garden and mid-rise communities primarily located in the southeastern United States with top-quality finishes and amenities. The Core Multifamily Fund completed its initial Founders Investor Closing in 2022, raising approximately $145 million. CRC subsequently acquired two assets in 2023 in North Carolina: St. Mary’s Square North Apartments, a 65-unit multifamily community in downtown Raleigh, for $36.5 million in 2022; and Sycamore at Tyvola, a 288-unit community in Charlotte, for $96.3 million
With this acquisition, CRC owns and self-manages more than 1,100 apartment units throughout South Carolina, including Sweetgrass Landing and The Six in Mount Pleasant, Central Island Square in Daniel Island, and The Bluestone Apartments in Bluffton.
Recently-delivered resort-style asset with 942 square foot average unit size
Positioned within the New Riverside Village master-planned community in Beaufort County, Bristol at New Riverside consists of six two- and three-story buildings featuring one- and two-bedroom floorplans ranging from 745 to 1,186 square feet of space. The average unit size is 942 square feet, with a ratio of 58 percent one-bedroom and 42 percent two-bedroom apartment homes.
Each Bristol at New Riverside apartment features nine-foot ceiling heights and best-in-class interior finishes, including quartz countertops, tile backsplashes, two-tone cabinetry, designer lighting, gooseneck faucets, ceiling fans, hardwood-style flooring, panoramic windows, kitchen islands, soaking tubs, and walk-in closets. The apartment homes are equipped with stainless steel appliances, side-by-side refrigerators, and full-size washer/dryers in a dedicated laundry room inside the apartment.
Resident amenities include a large clubhouse with a state-of the-art fitness center, resident coffee lounge; and digital access package-acceptance lockers. Outdoor amenities include a saltwater swimming pool, and an open recreation area. CRC intends to activate this recreation area during the first year of its ownership.
Asset situated within vibrant mixed-use community
“Bristol at New Riverside is a best-in-class asset conceived by a standout developer which is benefitted by its strategic placement within New Riverside Village, a vibrant and fast-growing mixed-use community,” stated Ari Abramson, CRC’s Vice President of Acquisitions. “Our team is very familiar with the South Carolina Lowcountry, and this acquisition provides CRC with the opportunity to scale our asset and property management operations to the benefit of our entire regional portfolio. “New Riverside Village features a mixture of for-sale townhomes, commercial office, and retail space. A newly-developed retail center features signed leases, including several sit-down and fast-casual restaurants, a French bakery, pharmacy, nail salon, medical spa, and animal hospital. Immediately adjacent is New Riverside Park, an under-development 37-acre park designed with large, open spaces, perimeter trails, a playground, and a 2,700 square foot barn suitable for private and large-scale public events.
A recently developed nearly 70,000 square foot Publix-anchored retail center with a Starbucks Coffee is located within proximity to Bristol at New Riverside, via New Riverside Drive, which fronts the property. Nearby May River Road also serves as the entrance to the 20,000-acre Palmetto Bluff campus, a Bluffton community featuring residential housing and a recreational preserve.
Both Hilton Head Airport and Savannah International Airport are less than 20 miles from the site.
“The impressive pace at which leases are being signed at Bristol at New Riverside and the steady leasing activity demonstrate the demand for rental housing in the greater Bluffton-Hilton Head area,” Abramson noted. “The multifamily lease-up occurred before retailers started operating at New Riverside Village, an indicator that the community will continue to grow and expand.”
According to Zillow Group, a national real estate marketplace company which tracks residential pricing, single-family home values in the adjacent neighborhoods range between $400,000 and $500,000.
“Given the average $500,000 cost to purchase nearby townhome product, renting an apartment at Bristol at New Riverside represents a more than $1,000 monthly savings,” he said.
Sustained population growth and enduring strength of Lowcountry
According to Cushman & Wakefield’s Sunbelt Multifamily Advisory Group, “Coastal cities lead the nation in population migration, with the Hilton Head-Bluffton market at the vanguard of these trends with 63 percent growth, a figure that outpaces Savannah (37 percent) and Charleston (49 percent).” The group adds that “the Lowcountry is an attractive landing spot for affluent residents, while providing tax benefits, a lower relative cost of living and mild climate conditions. The region offers a highly sought-after mix of slow living and elegance that promotes the regional as a top travel and retirement destination.”
Cushman & Wakefield estimates that nearly 230,000 people reside in the Lowcountry region, where the unemployment rate is a low 3.2 percent, with major local employers including St. Joseph’s/Candler Bluffton Campus, Bluffton Medical Campus, Gulfstream Aerospace Corporation and Encompass Health Rehabilitation.
Nearby Savannah, Georgia is one of the fastest growing and strongest economic centers in the state, according to the brokerage firm, and it has the largest U.S. Army base east of the Mississippi River. The Port of Savannah has an annual $122 billion impact on the state economy.
“Given the outstanding performance generated by Bristol at New Riverside, coupled with the long-term metrics that suggest continued population growth and economic prosperity in the Lowcountry, Bristol at New Riverside represents a prototypical deal for our Core Multifamily Fund,” stated JM Schapiro, CRC’s CEO. “We were extremely impressed with the thoughtful design and excellent execution of this development and are confident it will deliver a solid risk-adjusted yield to our investor group.”
Overview of $145 million Core Multifamily Fund
The Core Multifamily Fund is focused on acquiring newly developed properties in high-growth suburban and urban markets throughout the Southeast, including Charleston, Charlotte, Nashville, Raleigh, Orlando, and Tampa.
“We primarily targeted North and South Carolina for our initial acquisitions for the Core Multifamily Fund, based on the overwhelmingly positive long-term outlook of the Southeast region, due to shifting population patterns, corporate relocations, durable job growth and climate conditions that contribute to a high quality of life,” Schapiro said. “Our vertically-integrated team, supported by our innovative use of data analytics and leveraging our deep industry relationships, continues to scour the region in search of long-term hold opportunities.”
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than eight million square feet of commercial space and over 9,000 apartment homes across 12 states, with a portfolio value exceeding $4 billion. For additional information, visit www.crcrealty.com.