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The Gates at Summerville Sold for $16.4M

October 27, 2017
MMI sold the 232-unit The Gates at Summerville apartment complex at 1225 Boone Hill Rd. in Summerville, SC to Federal Capital Partners for $16.38 million, or about $71,000 per unit.

Located just outside of downtown Summerville, the community offers one-, two- and three-bedroom apartments, as well as a fitness center, tennis court, playground, swimming pool and outdoor grilling area. Out of the 232 total units, 95 percent of them were occupied. It was constructed in 1975 and sits on 8.3 acres.

Elliot Calhoun and Andrew Braden of NAI Charleston represented the buyer. Andrew Batkins of Avison Young represented the seller.

Please see CoStar COMPS #4039554 for more information on this transaction.
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