Lullwater DE Holdings has acquired Lullwater at Saluda Pointe in Lexington, S.C. The property is a 280-unit, garden-style apartment community situated on 23.3 acres.
The firm acquired the asset from Fickling & Co. through a 1031 exchange. Financial terms were not disclosed.
“This is the type of transaction every sponsor strives to achieve,” said John Sloot, vice president at Hunt Real Estate Capital, which provided a $24.5 million Freddie Mac conventional multifamily loan to finance the acquisition. “The borrower purchased an older asset in this market several years ago, improved its operations, and then sold it in order to purchase a superior repositioning opportunity in a stronger submarket.”
Fickling & Co. will invest approximately $1.56 million in capital improvements onsite. Planned interior improvements include new kitchen counters and backsplashes, stainless steel appliances, light fixtures, faux wood floors, and screened porches. The borr
