CREC Real Estate, LLC and Rincon Capital Partners Acquire NEXTLoft Apartments, a Hilton Head-Area Class B+ Multifamily Community
COLUMBUS, Ohio, June 15, 2021 /PRNewswire/ — 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,…