Tampa multifamily firm enters Charleston market with acquisition
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 2, 2024

A Tampa-based multifamily investment firm has acquired its first property in the Charleston, South Carolina market.

Argyle Real Estate Partners said Tuesday that it has closed on Newbrook Point Hope, a 264-unit apartment complex in Charleston. A sale price was not disclosed; the complex was built in 2021.

Argyle’s portfolio also includes apartment complexes in Murfreesboro, Tennessee, and Charlotte, North Carolina.

“Argyle is pleased to tap into uncharted territory and close out the year with the acquisition of Newbrook,” Ryan Reyes, Argyle CEO, said in a statement. “Given its location and accessibility, the mint condition of the asset and the development planned for the area, which we believe will help spur future growth, we’re confident that Newbrook will be one of our standout properties.”

The apartment complex is in Charleston’s Daniel Island area, which Argyle describes as “affluent and highly desirable” and 25 minutes from downtown Charleston. It is within Point Hope, a master-planned community that includes single-family homes, apartments, retail and office space and top-rated schools, according to Argyle.

“Newbrook fits our investment criteria of buying well-located assets for below replacement cost in strong and desirable submarkets,” Mike Cacciatore, Argyle principal, said in a statement. “By being within walking distance to Publix, 30,000 square feet of quality retail and A-rated public schools, Newbrook offers access to an unparalleled, walkable community that is and will remain desirable to prospective tenants over the long term.”