BLUFFTON, SC – CREC Real Estate announced it has partnered with Rincon Capital Partners to buy NEXTLoft Apartments, a 148-unit, Class B+ multifamily community located in Bluffton, SC. Terms of the transaction were not told.
Located at 1376 Fording Island Road (or US 278, the thoroughfare that provides access to Hilton Head Island) in Bluffton, South Carolina, the three-tale, two-building complex is 20 miles north of Savannah, Georgia and part of the Hilton Head/Bluffton/Beaufort metropolitan area. The surrounding area has experienced more than 50% population growth over the past 20 years, driven largely by an influx of retirees, making housing demand for the service industry workers who staff 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 such growth. We believe the Bluffton submarket and the broader area will benefit from continued demand for rental housing for the foreseeable future.”
Originally built in 2000 as an extended stay hotel, NEXTLoft underwent substantial renovation in 2019 and was converted to a boutique apartment community. The studio and one-bedroom units feature nine-foot ceilings with crown molding, wood cabinets, stainless steel appliances, and updated bathroom vanities. The community, which has a 98% occupancy rate, boasts a clubhouse, swimming pool, dog park, and state-of-the-art fitness center. CREC and Rincon intend to make roof, HVAC, and asphalt upgrades and will add outdoor amenities and security features, including a central outdoor kitchen/grill area, a locker for package deliveries, and a community-wide keyless FOB entry system to enhance residents’ safety. The building has simple access to outlet shopping centers, huge box retail and grocery, a public golf course, and the eateries, boutique shops, and offices of downtown Bluffton.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full service real estate and property management firm. CREC and Rincon have collaborated on three prior joint ventures, two located in Tucson and the other in Phoenix.

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BONITA SPRINGS, FL – ECI Group announces the acquisition of Mosaic at Oak Creek Apartments, a 273-unit community with 7,354 square feet of retail in Bonita Springs, FL. The development was completed in 2020 by Mosaic Development. Financing for ECI was provided by CrossHarbor Capital Partners and arranged by Purvesh Gosalia, Vice Chairman of Newmark in Houston, TX.
“This property is a wonderful addition to ECI’s portfolio and reflects our confidence in the strong growth inherent in the I-75 corridor and the Bonita Springs/Naples area specifically,” said ECI Chief Acquisitions Officer, Scott Levitt. “ECI has been in the Florida market for 20 years and, with our self-managed approach, we look forward to rebranding this asset and completing the lease-up.” The apartments at Mosaic at Oak Creek are 85% leased. ECI will be retaining a retail brokerage firm to help with marketing of the retail space.
“It’s always a pleasure working with the impressive team at ECI Group,” said Newmark Vice Chairman, Purvesh Gosalia. “We have a decade-plus long-standing relationship. This acquisition will be a fantastic addition to ECI Group’s Southwest Florida portfolio.”
Mosaic at Oak Creek Apartments is a highly walkable, gated community, providing residents with pedestrian access to downtown Bonita Springs. Bonita Beach is a small drive from the property and residents have quick access to US-41 (Tamiami Trail) and I-75. Community amenities include: On-Site Kayak Launch to Oak Creek leading to the Imperial River, Clubhouse with Game Tables, Wi-Fi Lounge, and Co-work Space, Pet Friendly with Bark Park & Grooming Spa, and Heated Resort- Style Swimming Pool with Sundeck.

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DAVIS, CA – The Michaels Organization, in partnership with Artemis Real Estate Partners, announced that it has achieved a financial closing and is set to break ground on 3820 Chiles, a new 225 unit market-rate multifamily community to be built along Chiles Road in Davis, California.
“We are very excited about this development opportunity, which will provide much-needed new multi-family housing in a supply-constrained market. We look forward to providing Davis with a Class A product that hasn’t been developed in decades,” said John O’Donnell, Chief Executive Officer of The Michaels Organization, a national leader in residential real estate.
Situated on 7.2 acres, in close proximity to shopping and other community amenities, 3820 Chiles Road will feature three main residential buildings: two elevator-served buildings and one three-tale walk-up, all centered on a concept of courtyards connected by a pedestrian walkway highlighted by colorful trees and native grasses.
Community amenities will include a large swimming pool and spa with covered shade and outdoor patios with barbecues pits, as well as ample bicycle storage and both surface and covered parking areas. Inside, the sustainable, energy-efficient apartments will feature a mix of floor plans from studios to three bedrooms. The units will provide luxury finishes, including LVT flooring throughout, quartz countertops, full-height backsplashes, walk-in closets and a high-end appliance package.
Other members of the team for the $82 million development include Sacramento-based Brown Construction serving as the General Contractor, Architectural firm ADC, and Civil Engineering firm and Landscape Architect Cunningham. Michaels Management will serve as the property manager.
The Michaels Organization, which has developments in 35 states, D.C., and the Caribbean, has been in the Californiamarket for more than 10 years, where it owns and manages nearly 100 communities stretching across the state. For the past five years, Michaels has been a partner with UC Davis developing two student living communities, The Green at West Village and Orchard Park Apartments.
Construction on 3820 Chiles Road is expected to be completed by Q1 2023.

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