Charleston apartment complex with 220 units sold to Boston investment firm for nearly $54M
BY WARREN L. WISE
September 18, 2021
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“Multifamily real estate investment firm West Shore LLC of Boston recently bought the 220-unit, 17 South Apartments at 105 Ivy Green Way off Savannah Highway near the Carolina Bay community.”
“The previous owner was 17 South Apartments LLC of Charleston. The Kalikow Group, Breakers Capital Partners and EYC Cos. developed the $33 million project near Marginal Road in 2016-17.”
“This deal is emblematic of our strategy of acquiring high-quality assets in dynamic markets,” said Steven P. Rosenthal, chairman of West Shore. “Charleston has rent growth, an energetic economy and strong employment opportunities, setting 17 South Apartments up for long-term success.” -Warren L. Wise, The Post and Courier
Ellis was recently interviewed on Concrete Credentials by NRMCA Executive Vice President Gregg Lewis on ICFs and multifamily. Ellis met Gregg back in 2017 when his project 17 South Apartments came to the attention of the National Ready Mixed Concrete Association for its pioneering implementation of insulated concrete forms in the construction of a mid-rise conventional multifamily community. Ellis explains why ICF construction was the right solution to meet wind, earthquake and fire codes for that project and how residents and operators benefit.
Concrete Credentials is a new podcast hosted by Gregg Lewis, AIA, LEED AP, that covers experts from the design, development, construction, and other industries who understand the many benefits of using concrete. Whether it’s concrete’s strength, durability and resilience, its aesthetic quality, its unrivaled sustainability and performance benefits, its ease of use, or cost-effectiveness– the pros agree: concrete is the material of choice for buildings, paving, and infrastructure.
EYC Companies and 17 South Apartments in Charleston, South Carolina has won the national 2018 Best In Class award for Best Development from the insulated concrete form industry association. Here is an excerpt from an article featured in ICF Builder Magazine.
The 17 South project in Charleston, South Carolina, is a landmark for the ICF industry. Consisting of eight separate apartment buildings totally 249,000 sq. ft., it’s a fantastic example of great design and efficient construction techniques in a code-plus light commercial project.
EYC Companies, the developer, is well-known in the region as a cost-savvy, no-nonsense builder. They’re vertically integrated to better control quality and construction costs. Their wholly-owned subsidiary Front Street Construction Services served as general contractor on this project.
Front Street and EYC have been building in the Carolinas for nearly 20 years, but prior to 17 South had relatively little experience with ICF. Years earlier, company founder Ellis Coleman had learned of ICFs and after speaking with Paul Camozzi, Amvic’s director of commercial business development, he decided to use the technology to build an addition on his personal home. That project proved successful, so when 17 South was under development, he reached out to Camozzi again to investigate whether ICFs were feasible for a mid-rise multifamily development.
“We live right on the coast,” Coleman says, “We have hurricanes in this part of the world, so you have to design for 125 mile-per-hour winds. We also have a seismic component.” Instead of spending the extra $2,000 per unit to get wood-frame construction up to code minimum, ICF provides inherent strength. “The strength is there from the outset, and far exceeds anything possible with wood,” he says.
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