Elan Midtown Sells At $64M – A Whopping $320k/u

In yet another landmark transaction in CHS, JPMorgan Chase investment fund has paid a whopping $64M for the 200-unit Elan at Midtown that Greystar teamed up with Prudential to build in 2013.  That is a Charleston record price of $320,000 per unit, or a cap rate in the mid-5’s according to sources.  John McDermott of The Post and Courier has the announcement.

About charlestonCREblog

30 years' in the commercial real estate biz - investment sales, consulting, banker, appraiser, brokerage. Trained in Atlanta and moved to the Lowcountry in 2008 and now sharing offices in Charleston and Jacksonville, FL. Exclusive listings, buyer representation, and consulting/analysis to help clients make the best commercial real estate decisions.

Posted on October 17, 2014, in CHS Multi-Family, Development, Downtown CHS, The Post and Courier, Transactions and tagged , , , , , . Bookmark the permalink. Leave a comment.

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