Middleburg Communities has acquired Peppertree Apartments, soon to be rebranded Vesta Creeks Run, in North Charleston, S.C., for $37.1 million. The 353-unit apartment community is located at 4640 Forest Hills Drive near top regional job centers.
“Vesta Creeks Run provides Middleburg with an opportunity to improve a well-located but currently underperforming workforce apartment community and, in doing so, will be preserving critical housing for the region,” said Sean Kavanagh, Middleburg Communities vice president of acquisitions.
Middleburg has completed a number of similar renovations within its Vesta-branded workforce housing portfolio, including a recent four-property, 1,374-unit portfolio located in three suburban Atlanta locations and in Louisville, Ky., and plans to deploy $6.3 million in improvements at Vesta Creeks Run. The firm will self-manage the property and bring community services to its residents through its comprehensive community life programs.
