{"id":1004126906,"date":"2015-09-04T05:13:23","date_gmt":"2015-09-04T13:13:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=360158"},"modified":"2021-05-10T03:00:43","modified_gmt":"2021-05-10T11:00:43","slug":"38m-for-port-royal-luxury-community-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/38m-for-port-royal-luxury-community-2\/","title":{"rendered":"$38M for Port Royal Luxury Community"},"content":{"rendered":"

By Adelina Osan, Associate Editor<\/em><\/p>\n

Prominent Realty Group<\/a> partnered with NorthMarq Capital’s Atlanta<\/a>\u00a0in arranging and closing a $9.1 million equity investment from a value add institutional investor. A luxury apartment community located at 1 Preserve Ave. W in\u00a0Port Royal was acquired using the equity for a total amount of $38 million.<\/p>\n

\"Preserve<\/a><\/p>\n

Preserve at Port Royal<\/p>\n<\/div>\n

The acquired property Preserve at Port Royal is a premiere luxury apartment community featuring one- and two-bedroom units with prices ranging between $845 and $1,070. Unit sizes range between 693 square feet and 1,151 square feet. Amenities include a business center and clubhouse, pet-friendly community, fitness center, garage and extra storage, swimming pool, laundry facility, Wi-Fi, playground, on-site management, and emergency maintenance.<\/p>\n

“The main challenge about this transaction was its location being perceived as tertiary,” mentioned Will James, vice president of NorthMarq Capital\u2019s Atlanta office who represented PRG. \u201cThe property was built in 2006 and in a great location within the city of Port Royal. Just 20 minutes away and closer to Hilton Head, a similar vintage project traded for a 20% premium just because it was on the way to Hilton Head Island. Our client’s basis is at or just below replacement costs, and once the state of SC sells the 50 acre Port of Port Royal, the waterfront will become a vibrant retail and tourist destination further improving the rental market on the Port Royal Island.\u201d<\/p>\n

Image courtesy of Google Images<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Prominent Realty Group partnered with NorthMarq Capital’s Atlantain arranging and closing a $9.1 million equity investment from a value add institutional investor.<\/p>\n","protected":false},"author":735,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[],"class_list":["post-1004126906","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest"],"acf":[],"yoast_head":"\n$38M for Port Royal Luxury Community - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/38m-for-port-royal-luxury-community-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$38M for Port Royal Luxury Community\" \/>\n<meta property=\"og:description\" content=\"Prominent Realty Group partnered with NorthMarq Capital's Atlantain arranging and closing a $9.1 million equity investment from a value add institutional investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/38m-for-port-royal-luxury-community-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-04T13:13:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-10T11:00:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Preserve-at-Port-Royal-.jpg\" \/>\n<meta name=\"author\" content=\"Adelina Osan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/\"},\"author\":{\"name\":\"Adelina Osan\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/423ceee57e2e9ef5e458c68f8a3aa615\"},\"headline\":\"$38M for Port Royal Luxury Community\",\"datePublished\":\"2015-09-04T13:13:23+00:00\",\"dateModified\":\"2021-05-10T11:00:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/\"},\"wordCount\":238,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/Preserve-at-Port-Royal-.jpg\",\"articleSection\":[\"Charlotte\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/38m-for-port-royal-luxury-community-2\\\/\",\"name\":\"$38M for Port Royal Luxury Community - 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She joined the team in 2015 as associate editor and covered commercial, residential and student housing news assignments. 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