ATLANTA, Oct. 19, 2022 - ECI Group (ECI) announces the acquisition of The Factory at Garco Park, a 271-unit, built in 2017, institutional-grade multifamily community in the highly-desirable Park Circle neighborhood in North Charleston, South Carolina. The Factory at Garco Park is ECI's first investment in the Charleston metropolitan area and, with assets in Greenville and Savannah, their fourth in the Carolinas/SE Georgia region. Financing for the acquisition was provided by SouthState Bank.
"The Factory at Garco Park offers ECI an opportunity to recycle capital from our recent sale of The Columns at Vinings in Atlanta into a very high quality, exceptionally well-located asset in a top expansion market for us," said ECI Chief Acquisitions Officer, Scott Levitt. "With our ability to self-manage and oversee additional enhancements to the balance of the unit interiors and the property's exterior and amenity package, we look forward to this property providing us with a cornerstone asset in the Charleston market." The 1031 Exchange involving the recently announced sale of The Columns at Vinings and the acquisition of The Factory at Garco Park is the 5th such exchange for ECI in the last 18 months.
The Factory at Garco Park, located at 4993 O'Hear Avenue in North Charleston, features upscale, spacious studio, one-, two- and three-bedroom units. The community's walkable experience has made it popular with young professionals seeking a vibrant Peninsula lifestyle, with an abundance of restaurants, retail, and nightlife, in the East Montague corridor just steps from their front door.
Community features include:
Saltwater Pool with Cabanas and Water Lounge
Outdoor Kitchen and Grill Area
Outdoor Pavilion
24-Hour Fitness Center
Resident Clubroom with Event Kitchen and Shuffleboard
Conference Room
Dog Park and Pet Spa
Internet in Common Areas
Car Washing Station
Amazon Hub Lockers for 24/7 Package Access
Boat Storage
Community Bikes
Fire Pit
Individual units include:
Gourmet Kitchens with Granite Countertops
Faux Wood Flooring in Common Areas
9' – 10' Ceilings
Oversized, Energy-Efficient Windows
Ceiling Fans in Living Spaces and Bedrooms
Contemporary, European-Style Cabinetry
Washers and Dryers
Brushed Nickel Pendant and Track Lighting
Luxury Wood Grain Vinyl Flooring
Spacious Closets
Large Bathrooms with Granite Countertops
Garden Tubs*
Private Patios*
Home Telecom Connections (Cat 6 Cable Fiber/WiFi)
Valet Trash Service
*In Select Units
ECI extends its appreciation to Alex Okulski of Newmark for his representation of the seller.
About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
Media Contact:
Karen Widmayer
KW Communications, LLC
karenwidmayerpr@gmail.com
301.661.1448
SOURCE ECI Group
