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Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of Planters Trace (the “Property”) in Charleston, SC on April 7, 2022, for $17.9 million. The Property is a 96-unit, value-add, multi-family community constructed in 1974. The Property consists of 1-bed / 1-bath, 2-bed / 1-bath, and 3-bed / 2-bath units with a combination of classic and renovated unit interiors. Rincon’s business plan includes renovating the unit interiors with new modern finishes including new cabinets, quartz countertops, faux-wood flooring, fixtures, and stainless steel appliances. The renovation plan also includes adding in-unit washer and dryer appliances, as well as select enhancements to the community amenities at the Property.

The Property is located in the heart of West Ashley, one of Charleston’s fastest growing submarkets, just minutes from Downtown Charleston as well as other major employment centers including Boeing, Joint Base Charleston, and Mercedes-Benz and Volvo automobile manufacturing plants. The recent adoption of “Plan West Ashley,” a master plan intended to spur economic development in the area through public-private partnership, will serve as a catalyst for growth in the submarket.

Rincon is headquartered in Phoenix, AZ and targets opportunistic and value add multifamily real estate in the Southwestern and Southeastern United States.

For further information on new acquisitions and joint venture opportunities, please contact Brian McGlynn, Chief Investment Officer, at (480) 378-2959.

 

 

RINCON-CTA-V1-E

 

 

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