The Kalikow Group sold a 220-unit multi-family community in South Carolina for $ 53.6 million.
The fourth-generation New York-based development and management firm partnered with Breakers Capital Partners and EYC Companies in 2017 to acquire the 105 Ivy Green Way site in Charleston’s West Ashley neighborhood.
Together they built 17 South, a multi-family lifestyle community (pictured above). The group completed construction in early 2019 and the multi-family community consists of 220 studio, one and two bedroom units. The property has resort-style amenities including recreation areas, a fitness center with workout bikes, a modern clubhouse, and an expansive swimming pool with a cabana and swimming pool. living room ledge.
The buyer is West Shore LLC, a multi-family real estate investment company. The transaction closed in early September and Tai Cohen of Cushman & Wakefield facilitated the transaction.
“We have enjoyed being the developers and owners of 17 South, one of the many multi-family properties that we have created and have overseen the growth of over the past few years, but low interest rates have fueled Compressed cap rates resulting in very attractive exit valuations, ”said Aaron Siegel, senior vice president of the Kalikow Group. “Building multi-family communities continues to be a key part of our business and the pandemic has only increased the importance of communities that function as hubs for individuals and families to work, live and grow together. “
While remaining a major player in New York City, the Kalikow Group has spent much of the past decade shipping its money south, investing in cities in Texas, Georgia, the Carolinas, Kentucky, Virginia and from Florida. It was drawn to regional centers such as Atlanta, Charlotte, Louisville and Orlando by inexpensive and available land, growing downtown areas that cater to recent college graduates and new parents, a sector of the growing jobs and a climate that is not as punitive as New York’s.
In an interview with REW in 2018, Greg Kalikow, vice president of The Kalikow Group, said: “This strategy has probably produced better returns on our investments than we could have achieved at home in New York and it has provided us units for rent under desirable conditions. markets and projects to improve and divest.
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