Northmarq Investment Sales team facilitates $14M sale of Mossy Oaks Apartments in Beaufort, SC
BEAUFORT, S.C. — Northmarq’s Investment Sales team, led by Eric Liebich, Dane Lozier, Ron Corrao, Scott Fuller and Matthew Weinstein, successfully facilitated the $14 million sale of the Mossy Oaks Apartments, a 96-unit affordable multifamily community, located roughly 40-miles north of Savannah.
Northmarq represented the seller, Plymouth, Minnesota-based, Dominium, one of the nation’s largest affordable housing development and management companies.
Northmarq conducted a competitive formal marketing process that generated numerous offers from a variety of multifamily acquisition groups. As part of the process Northmarq sourced the buyer, Delray Beach, Florida-based Starka Properties Inc., a privately held real estate investment company focused on the acquisition, long-term holding and management of high-quality multifamily properties.
"We’re thrilled to have facilitated the process that brought these two parties together,” said Eric Liebich, managing director at Northmarq.
“Given today’s challenging capital markets environment, it was critical to identify a group such as Starka who has a successful track record in the affordable housing space,” added Dane Lozier, vice president at Northmarq.
Built in 1980, Mossy Oaks Apartments is a 100% affordable asset operating as a Low-Income Housing Tax Credit (LIHTC) project with a Section 8 Housing Assistance Payment (HAP) contract in place covering all 96 units. The property was 98% occupied at the time of closing.
“The well-maintained nature of the property and its mission to serve the affordable housing needs of the local community initially drew us to the property,” said Charles Lee, founder of Starka Properties. “The diverse mix of healthcare, education, military and tourism within the surrounding MSA make Mossy Oaks an ideal property to bring into our portfolio, and we’re excited to see residents benefit from further investment into the community going forward.”
The community spans 10 acres and comprises seven two-story garden apartment buildings, one two-story elevator-serviced building and a central laundry facility — all featuring brick exterior construction.
The property offers a mix of 48 one-bedroom units averaging, 40 two-bedroom units and eight three-bedroom units that average 694 square feet per unit. Of the 96 units, 48 are reserved for residents ages 62 and older.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
