November 4, 2019
Baltimore-based real estate investment and management company Continental Realty Corp. acquired The Bluestone, a 360-unit multifamily community in the Hilton Head suburb of Bluffton, SC for $69.3 million. Constructed in 2004 and 2007, the property is approximately six miles from Hilton Head Island, and the closest Class B community to the Island.
The asset was acquired on behalf of Continental Realty Fund V, L.P., a $210.8-million private equity fund. The Bluestone is the sixth asset acquired by the fund. The asset was purchased from a joint venture between The Carlyle Group and Blaze Partners.
“The Bluestone fulfills our operational and location acquisition criteria, and, given the strong value-add opportunities presented by this asset, it represents the ideal property for our second investment in the South Carolina residential marketplace,” said Ari Abramson, vice president of acquisitions at CRC. “The property’s placement within close proximity to a popular coastal resort town positions The Bluestone as an attractive and lower-cost living alternative, and the immediate area also includes a stable yet rapidly-expanding employment base.”
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