CREC Real Estate, LLC and Rincon Capital Partners Acquire NEXTLoft Apartments, a Hilton Head-Area Class B+ Multifamily Community
CREC | June 17, 2021
CREC Real Estate, LLC announced today that it has partnered with Rincon Capital Partners to buy NEXTLoft Apartments, a 148-unit Class B+ multi-family property in Bluffton, South Carolina. The transaction's terms were not disclosed.
The three-story, two-building complex is located at 1376 Fording Island Road (or US 278, which gives access to Hilton Head Island) in Bluffton, South Carolina, 20 miles north of Savannah, Georgia. It is part of the Hilton Head/Bluffton/Beaufort metropolitan region. Over the last 20 years, the surrounding area's population has increased by more than 50%, primarily due to an inflow of retirees, generating housing demand for service industry workers who staff the area's resorts, shops, and restaurants.
NEXTLoft, which was constructed in 2000 as an extended stay hotel, had a significant makeover in 2019 and was transformed into a boutique apartment community. The studio and one-bedroom apartments include nine-foot ceilings with crown molding, wood cabinets, stainless steel appliances, and renovated bathroom vanities. The 98% community has a clubhouse, swimming pool, dog park, and a state-of-the-art fitness facility. In addition, CREC and Rincon plan to upgrade the roof, HVAC, and asphalt and install outdoor amenities and security features such as a central outdoor kitchen/grill area, a locker for package deliveries, and a community-wide keyless FOB access system to improve residents' safety.
The building is close to outlet shopping complexes, big-box retail and grocery stores, a public golf course, downtown Bluffton's eateries, boutique shops, and offices.
CREC, which manages more than $1 billion in real estate assets, specializes in multi-family real estate investments in secondary and tertiary cities around the United States. Rincon is a vertically integrated, full-service real estate and property management firm based in Phoenix. CREC and Rincon have previously worked together on three joint projects, two in Tucson and Phoenix.
CREC Real Estate, LLC (CREC) is a private investor in commercial real estate. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and manages more than $1 billion in real estate assets. The firm specializes in the multi-family, hotel, and senior housing sectors in secondary and tertiary locations around the United States, utilizing a value-add strategy. CREC has completed approximately 50 investments throughout 17 states since its establishment in 2001.
Rincon Partners is a full-service, vertically integrated real estate investment and management firm. Rincon is based in Phoenix, Arizona, with acquisition offices in Atlanta, GA, and Dallas, TX, and focuses on opportunistic and value-add multi-family and self-storage commercial real estate.