Trion Properties Acquires Latitude at West Ashley Apartments in Charleston for $51.8M
ORLANDO, FLA., (December 30, 2021) – Trion Properties, a private equity real estate firm headquartered in West Hollywood, California, and Miami, Florida specializing in multifamily investments, has acquired Latitude at West Ashley, a 312-unit multifamily community in Charleston, for $51.8 million.
Constructed in two phases in 1968 and 1973, Latitude at West Ashley offers one-, two- and three-bedroom floorplans averaging 954 square feet with approximately half of the units set up as townhomes. The apartment community includes 22 two-story wood-framed buildings. Community amenities include a pool deck with BBQ grills and cabanas, a fitness center, and onsite laundry facilities.
“Charleston is a lucrative market that we have been actively looking to expand into as we continue to strategically acquire properties in areas that have proven resiliency and are experiencing population and employment growth,” says Sharkansky. “Latitude is an ideal asset as it’s situated on the east side of the West Ashley submarket, which is less than 10 minutes from downtown Charleston and the Charleston airport, the two largest employment centers in the area. These strong employment fundamentals are met with a growing population that will help generate long-term renter demand for the property.”
Marley Dominguez, Director of Acquisitions at Trion Properties, adds: “The Charleston region’s population is increasing three times faster than the U.S. average, boasting 33 new residents each day. A growing list of major corporations and industrial tenants have opened facilities in the area, lured by tax incentives and quick access to the expanding Port of Charleston.”
Trion recognized Latitude as especially well-positioned to benefit from the increase in population and employment based on the limited supply of quality housing in the area. In the last 12 months, no new supply has come to market and no large-scale projects are currently underway that will be able to deliver competing new units in the next five years. The lack of incoming supply will allow the property to benefit from organic upwards pressure on rents that will be enhanced through the implementation of the firm’s best-in-class renovation program, Dominguez notes.
“This acquisition will allow us to create significant value through executing our proven renovation and operations strategies,” says Dominguez. “Current ownership has focused primarily on curing deferred maintenance, minor exterior renovations, and minimal interior upgrades. There are notable opportunities to improve landscaping, paint the dated exterior, and create additional amenities such as a dog park, playground, and additional BBQ areas. These additions will significantly improve quality of life for residents and strengthen investor returns.”
Located at 1735 Ashley Hall Road, Latitude at West Ashley is situated by the Ashley and Stono rivers. The property is also situated seven miles west of downtown Charleston, 2.8 miles from Citadel Mall, the area’s only indoor mall, and near Interstate 526.