Summer Square & Miles Landing - 36 units

Summer Square and Miles Landing gives an investor the opportunity to purchase 36 units in one of the strongest markets in Charleston, SC. This investment opportunity encompasses two adjacent communities located at 125 Arbor Rd and 520 Rose Lane, Summerville, SC 29485. Offered as a package deal, these properties provide investors with the rare chance to acquire an entire block in a rapidly growing Charleston neighborhood. This area of Summerville features key economic drivers, including grocery stores within walking distance (Harris Teeter and Food Lion), the Sawmill Branch walk/bike trail, and convenient access to downtown Summerville and I-26.
Summerville has experienced double-digit rent growth in the multifamily sector over the past five years.Master-planned developments such as Cane Bay, Nexton, and Carnes Cross Road are attracting leading employers, retailers, and builders to the region. The town’s population has doubled in the last 15 years, and Dorchester County is projected to see a 2% year-over-year population increase, with an average median household income of approximately $74,000.
Both properties feature favorable layouts and unique floor plans, totaling 36 units: 20 units at Summers Square and 16 units at Miles Landing Townhomes. The unit mix consists of 26 two-bedroom units and 10 one-bedroom units, with an average in-place rent of $1,300. Current market averages indicate rents of $1,446 for one-bedroom apartments and $1,635 for two-bedroom apartments, reflecting the potential for continued growth in Summerville.
Additionally, an attractive, assumable low-interest agency loan is available, offering significant advantages in today’s capital markets. These factors collectively position this investment as a compelling opportunity for future growth in Summerville.
Assumable Agency Loan Details: Freddie Mac SBL current balance around $2.2mm with a rate of 3.94% and a maturity date of 5/1/2031