Iron Lion Realty completes sale of The Bluestone for $69.3 million
Industry: Real Estate
Continental Realty Corporation acquires multifamily community in Bluffton, SC
Bluffton, SC (PRUnderground) November 22nd, 2019
The Iron Lion Realty team of Jim Sewell and Erika Maston completed the sale of Bluffton, South Carolina multifamily community The Bluestone for $69.3 million. Representing Blaze Partners, Iron Lion sold the 360-unit, Class-A apartment community to the buyer, Baltimore, Maryland-based real estate investment firm Continental Realty Corporation.
Built in 2006 with modern finishes and some of the largest units in the market, the Property is centrally located in the heart of the area’s retail corridor, and is minutes from the beaches of Hilton Head Island. The asset boasts a proven value-add program of almost $200 upside per unit for the new owner.
“The Bluestone was an excellent value-add opportunity in an emerging market with high barriers to entry,” said Jim Sewell of Iron Lion.
About Iron Lion Realty
With more than 20 years of experience in multifamily brokerage and development and unparalleled local market expertise, Iron Lion Realty has unique insight into both the history and future of the Southeast markets we specialize in. As future returns become increasingly more important than current value for investors, this historical knowledge gives us a model to predict growth and identify opportunities. As a result, we specialize in smaller Southeast markets, with a focus on Charleston, Columbia, and Greenville-Spartanburg in South Carolina, and Augusta and Savannah in Georgia.
Iron Lion’s focus is quality over quantity. As a boutique firm, we devote a significant amount of time, thought and effort to each of our clients, giving their assets the high degree of focused attention they command, particularly when selling a property in an emerging market with an unprecedented price. Our boutique model allows us to provide our clients customized service with access to the same technology and market data resources used by larger, institutional firms.