CHARLESTON, S.C.—The Edgewater Plantation multifamily complex has traded for an impressive $42.68 million. The Praedium Group acquired the 360-unit multifamily asset, which is located in Mount Pleasant.

Constructed in 2001, Edgewater Plantation boasts an average unit size of 1,032 square feet. The complex offers amenities like a 3,500 square-foot clubhouse, which will be expanded and redesigned as part of an overall amenity upgrade.

“We plan to reposition the asset to the market through upgrades to the unit interiors, exteriors, and the clubhouse, which will allow the property to compete with competitive class A assets in the market,” Mark Lippmann, managing director of The Praedium Group, tells GlobeSt.com. “Granite countertops, new appliances, and new lighting and fixtures are some of the unit upgrades included in the capital improvement plan.”

As Lippman sees it, the acquisition gives the firm an opportunity to own a class A multifamily asset in a highly sought-after Charleston submarket. Multifamily investors have been looking at Charleston because of its job growth coupled with the high cost of single-family homes.

“Charleston benefits from a strong economic base in the shipping, manufacturing, military, and tourism sectors,” Lippman says. “Edgewater Plantation was a rare opportunity to acquire an underperforming class A asset due to the prior ownership’s abandoning of their condo-conversion strategy as a result of the Financial Crisis.”

The swimming pool is surrounded by palm trees and landscaping, with views of the Wando River, Charleston Harbor, and marshes. The western portion of Edgewater Plantation has a sports activity center, featuring a sand volleyball court, a playground and tennis courts surrounding a screened picnic pavilion.