CREC Real Estate, LLC and Rincon Capital Partners Acquire NEXTLoft Apartments, a Hilton Head-Area Class B+ Multifamily Community

Columbus, Ohio, June 15, 2021 / PRNewswire / – CREC Real Estate, LLC (“CREC”) announced today that it has partnered with Rincon Capital Partners to acquire NEXTLoft Apartments, a 148-unit Class B + multi-family community in Bluffton, SC. The terms of the transaction were not disclosed.

The hotel is on 1376 Fording Island Road (or US 278, the thoroughfare that gives access to Hilton Head Island) in the Bluffton, South Carolina, the three-story, two-building complex is 20 miles north of Savannah, Georgia and part of the Hilton Head /Bluff tone/Beaufort Metropolitan area. The surrounding area has seen more than 50% population growth over the past 20 years, largely driven by the influx of retirees, creating a demand for housing for the service industry workers who occupy the area’s resorts, shops and restaurants .

“NEXTLoft is an attractive property with strong fundamentals,” said Jeff Coopersmith, Founder and managing partner of CREC. “The Hilton Head area is an active regional tourist attraction and retirement destination with positive growth trends for both permanent residents and the service jobs that accompany this growth Bluff tone The sub-market and the wider environment will benefit from the sustained demand for rental apartments for the foreseeable future. “

Originally built as a long-stay hotel in 2000, NEXTLoft was extensively renovated in 2019 and converted into a boutique apartment community. The studio and one-bedroom units have nine-foot ceilings with moldings, wooden cabinets, stainless steel appliances, and updated bathroom vanities. The community, which has a 98% occupancy rate, has a clubhouse, swimming pool, dog park, and state-of-the-art fitness center. CREC and Rincon intend to do roof, HVAC and asphalt upgrades, and add outdoor facilities and security features, including a central outdoor kitchen / grill area, a locker for parcel delivery and a community-wide FOB keyless entry system to increase the security of residents. The building provides easy access to outlet malls, major retail and grocery stores, a public golf course, and downtown restaurants, boutiques, and offices Bluff tone.

With more than $ 1 billion of the real estate assets under management, CREC specializes in multi-family real estate investments in secondary and tertiary markets The United States. Rincon, based in Phoenix, is a vertically integrated, full-service real estate and property management company. CREC and Rincon have worked on three previous joint ventures, two of them in Tucson and the other in Phoenix.

About CREC
CREC Real Estate, LLC (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the company invests through institutional funds and private placements and has more than $ 1 billion of managed real estate assets. With a value-add strategy, the company specializes in the multi-family, hotel and senior housing sectors in secondary and tertiary cities The United States. Since its inception in 2001, CREC has completed over 50 investments in 17 states.

ABOVE RINCON
Rincon Partners (www.rinconpartners.com) is a vertically integrated, full-service real estate investment and management company. Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX and aims at opportunistic and value-adding multi-family and self-storage commercial real estate in the southwest and Southeast United States.

Contact
Caroline light
Lambert & Co.
203-656-2829
[email protected]

SOURCE CREC Real Estate, LLC