- Gains Luxury Apartment Community Located in Award-Winning, Coastal South Carolina Community -
- Expands Footprint in Core Southeast Market -
AVENTURA, Fla., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc., (Nasdaq:TSRE) a fully integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced the acquisition of Talison Row, a 274 unit Class A garden style multifamily community situated in Daniel Island, S.C., a submarket of Charleston, for approximately $48 million.
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Talison Row is comprised of luxury one-, two-, and three-bedroom apartment residences and offers a variety of floor plans. Apartments feature a number of attractive amenities including hardwood floors, private porches/balconies, in-home washers and dryers, designer lighting and crown molding. Furthermore, apartments feature full kitchens complete with granite counter tops, "Subway tile" back splash and stainless steel appliances.
"Talison Row is a unique addition to our high quality portfolio and expands our footprint in the Charleston market, which boasts strong economic and employment fundamentals and limited new supply," said Michael Baumann, Chief Executive Officer and Chairman of Trade Street Residential. "This acquisition reflects our ability to source premier apartment communities at attractive cap rates and a discount to replacement cost. We look forward to applying our proven leasing and operating platform to increase occupancy and generate attractive margins."
The Talison Row community boasts more than 20,000 square feet of amenities including a salt water pool with adjacent fireplace and grilling area, private cabanas and sun bathing lawn, an expansive clubhouse, a community garden, private covered parking, a yoga studio, a game room, a 24-hour fitness room and an outdoor gourmet kitchen.
Located at 480 Seven Farms Drive, Talison Row is situated in a prime location close to Daniel Island's 11 miles of walking trails and Interstate 526. Daniel Island is an award-winning coastal community within historic Charleston, S.C. and is located near the area's beaches, downtown and two nationally-ranked golf courses. Furthermore, the community is situated in proximity to the area's international airport and Blackbaud Stadium, a state‐of‐the‐art soccer facility home to Charleston's professional soccer team, the Charleston Battery. Talison Row has received numerous planning and community design accolades, including an "Award for Excellence" from the Urban Land Institute.
About Trade Street Residential, Inc.
Trade Street Residential, Inc. (TSRE) is a full service, vertically integrated, self-administered and self-managed real estate investment trust focused on acquiring, owning, operating and managing conveniently located, garden-style and mid-rise apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas.
CONTACT: Investor Contacts: Stephen Swett, ICR for Trade Street 203-682-8377 Stephen.Swett@icrinc.com Media Contact: Jason Chudoba, ICR for Trade Street 646-277-1249 Jason.Chudoba@icrinc.comSource:Trade Street Residential, Inc.