Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management firm, has expanded its South Carolina portfolio with the $28.25 million acquisition of The Six Apartments, a 92-unit community in Mount Pleasant.

Developed by a subsidiary of Origin Development Partners, LLC, the three-story boutique-style garden community at 2170 Snyder Circle was 97% occupancy at the time of this off-market transaction. Tai Cohen of Cushman & Wakefield represented the seller.

The asset was purchased on behalf of Continental Realty Fund V, LP, a $210.8 million private equity fund focused on acquiring value-added commercial and multifamily properties in the midtown areas of the Atlantic and Southeast. This acquisition represents the fifth multi-family community acquired by the Fund following last year’s $76 million purchase of The Reserve at Mayfaire, a 264-unit multi-family community in Wilmington, North Carolina. The fund has now acquired 13 assets since its inception in 2019.

Other South Carolina assets owned by CRC include Mount Pleasant Towne Center, a 510,000 square foot regional outdoor shopping center in Mount Pleasant acquired for approximately $147 million in 2020, and Central Island Square, a mixed-use project acquired in 2020 for $91.75 million in the 4,000-acre planned community of Daniel Island that contains 313 multi-family units and nearly 30,000 square feet of retail space.

Contained within the Charleston Metropolitan Statistical Area (MSA), recognized as the fourth largest municipality in South Carolina, Mount Pleasant has a median household income that is projected to increase 12% over the next 12 years to more than 110,000 $. Nearly 420,000 people reside within a 30-minute drive of The Six, and the average household income approaches $94,000. The residential population has increased by 54% since 2000 and future growth is expected to greatly exceed the national average.

The Six is ​​close to major employment centers in Charleston and North Charleston, with top employers including Joint Base Charleston (36,000 employees), Medical University of South Carolina (13,000 employees), The Boeing Company (8,200 employees) and Berkeley County School District (approximately 7,000 employees). Nearly seven million tourists visit the area each year, supporting an industry that injects over $7 billion into the local economy.