Rincon Capital Partners and CREC Real Estate have acquired Bluffton, South Carolina-based NEXTLoft Apartments, a multifamily community. No financial terms were disclosed.
Columbus, OH, June 15, 2021 – CREC Real Estate, LLC (“CREC”) today announced it has partnered with Rincon Capital Partners to acquire NEXTLoft Apartments, a 148-unit, Class B+ multifamily community located in Bluffton, SC. Terms of the transaction were not disclosed.
Located at 1376 Fording Island Road (or US 278, the thoroughfare that provides access to Hilton Head Island) in Bluffton, South Carolina, the three-story, two-building complex is 20 miles north of Savannah, Georgia and part of the Hilton Head/Bluffton/Beaufort metropolitan area. The surrounding area has experienced more than 50% population growth over the past 20 years, driven largely by an influx of retirees, creating housing demand for the service industry workers who staff the area’s resorts, shops, and restaurants.
“NEXTLoft is an attractive property with strong fundamentals,” said Jeff Coopersmith, founder and Managing Partner of CREC. “The Hilton Head area is an active regional tourist attraction and retirement destination with positive growth trends for both permanent residents and the service jobs that accompany such growth. We believe the Bluffton submarket and the broader area will benefit from continued demand for rental housing for the foreseeable future.”
Originally built in 2000 as an extended stay hotel, NEXTLoft underwent substantial renovation in 2019 and was converted to a boutique apartment community. The studio and one-bedroom units feature nine-foot ceilings with crown molding, wood cabinets, stainless steel appliances, and updated bathroom vanities. The community, which has a 98% occupancy rate, boasts a clubhouse, swimming pool, dog park, and state-of-the-art fitness center. CREC and Rincon intend to make roof, HVAC, and asphalt upgrades and will add outdoor amenities and security features, including a central outdoor kitchen/grill area, a locker for package deliveries, and a community-wide keyless FOB entry system to enhance residents’ safety. The building has easy access to outlet shopping centers, big box retail and grocery, a public golf course, and the eateries, boutique shops, and offices of downtown Bluffton.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full service real estate and property management firm. CREC and Rincon have collaborated on three prior joint ventures, two located in Tucson and the other in Phoenix.
CREC Real Estate, LLC (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and has more than $1 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in the multifamily, hotel and senior housing sectors in secondary and tertiary cities throughout the United States. Since CREC’s inception in 2001, it has completed over 50 investments across 17 states.
Rincon Partners (www.rinconpartners.com) is a vertically integrated, full-service real estate investment and management firm. Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.