Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 12 states, has acquired its second multifamily community in the greater Bluffton-Hilton Head, South Carolina area with the recent $44.5 million acquisition of Bristol at New Riverside, located at 205 Forest Trace in Bluffton. Developed by Madison Communities, delivered in 2024, and formerly known as Madison New Riverside, the 166-unit two- and three-story garden community was 90 percent leased at the time of this transaction. Taylor Bird, Executive Managing Director of Cushman &Wakefield, represented the seller in this transaction.

This is the third asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC in partnership with Brown Advisory, a global private and independent investment management and strategic advisory firm headquartered in Baltimore. The open-ended fund, focused on stabilized or near-stabilized opportunities, was formed to identify, and acquire Class “A” garden and mid-rise communities primarily located in the southeastern United States with top-quality finishes and amenities. The Core Multifamily Fund completed its initial Founders Investor Closing in 2022, raising approximately $145 million. CRC subsequently acquired two assets in 2023 in North Carolina: St. Mary’s Square North Apartments, a 65-unit multifamily community in downtown Raleigh, for $36.5 million in 2022; and Sycamore at Tyvola, a 288-unit community in Charlotte, for $96.3 million

With this acquisition, CRC owns and self-manages more than 1,100 apartment units throughout South Carolina, including Sweetgrass Landing and The Six in Mount Pleasant, Central Island Square in Daniel Island, and The Bluestone Apartments in Bluffton.

Recently-delivered resort-style asset with 942 square foot average unit size

Positioned within the New Riverside Village master-planned community in Beaufort County, Bristol at New Riverside consists of six two- and three-story buildings featuring one- and two-bedroom floorplans ranging from 745 to 1,186 square feet of space. The average unit size is 942 square feet, with a ratio of 58 percent one-bedroom and 42 percent two-bedroom apartment homes.

Each Bristol at New Riverside apartment features nine-foot ceiling heights and best-in-class interior finishes, including quartz countertops, tile backsplashes, two-tone cabinetry, designer lighting, gooseneck faucets, ceiling fans, hardwood-style flooring, panoramic windows, kitchen islands, soaking tubs, and walk-in closets. The apartment homes are equipped with stainless steel appliances, side-by-side refrigerators, and full-size washer/dryers in a dedicated laundry room inside the apartment.

Resident amenities include a large clubhouse with a state-of the-art fitness center, resident coffee lounge; and digital access package-acceptance lockers. Outdoor amenities include a saltwater swimming pool, and an open recreation area. CRC intends to activate this recreation area during the first year of its ownership.

Asset situated within vibrant mixed-use community

“Bristol at New Riverside is a best-in-class asset conceived by a standout developer which is benefitted by its strategic placement within New Riverside Village, a vibrant and fast-growing mixed-use community,” stated Ari Abramson, CRC’s Vice President of Acquisitions. “Our team is very familiar with the South Carolina Lowcountry, and this acquisition provides CRC with the opportunity to scale our asset and property management operations to the benefit of our entire regional portfolio. “New Riverside Village features a mixture of for-sale townhomes, commercial office, and retail space. A newly-developed retail center features signed leases, including several sit-down and fast-casual restaurants, a French bakery, pharmacy, nail salon, medical spa, and animal hospital. Immediately adjacent is New Riverside Park, an under-development 37-acre park designed with large, open spaces, perimeter trails, a playground, and a 2,700 square foot barn suitable for private and large-scale public events.

A recently developed nearly 70,000 square foot Publix-anchored retail center with a Starbucks Coffee is located within proximity to Bristol at New Riverside, via New Riverside Drive, which fronts the property. Nearby May River Road also serves as the entrance to the 20,000-acre Palmetto Bluff campus, a Bluffton community featuring residential housing and a recreational preserve.

Both Hilton Head Airport and Savannah International Airport are less than 20 miles from the site.

“The impressive pace at which leases are being signed at Bristol at New Riverside and the steady leasing activity demonstrate the demand for rental housing in the greater Bluffton-Hilton Head area,” Abramson noted. “The multifamily lease-up occurred before retailers started operating at New Riverside Village, an indicator that the community will continue to grow and expand.”

According to Zillow Group, a national real estate marketplace company which tracks residential pricing, single-family home values in the adjacent neighborhoods range between $400,000 and $500,000.

“Given the average $500,000 cost to purchase nearby townhome product, renting an apartment at Bristol at New Riverside represents a more than $1,000 monthly savings,” he said.

Sustained population growth and enduring strength of Lowcountry

According to Cushman & Wakefield’s Sunbelt Multifamily Advisory Group, “Coastal cities lead the nation in population migration, with the Hilton Head-Bluffton market at the vanguard of these trends with 63 percent growth, a figure that outpaces Savannah (37 percent) and Charleston (49 percent).” The group adds that “the Lowcountry is an attractive landing spot for affluent residents, while providing tax benefits, a lower relative cost of living and mild climate conditions. The region offers a highly sought-after mix of slow living and elegance that promotes the regional as a top travel and retirement destination.”

Cushman & Wakefield estimates that nearly 230,000 people reside in the Lowcountry region, where the unemployment rate is a low 3.2 percent, with major local employers including St. Joseph’s/Candler Bluffton Campus, Bluffton Medical Campus, Gulfstream Aerospace Corporation and Encompass Health Rehabilitation.

Nearby Savannah, Georgia is one of the fastest growing and strongest economic centers in the state, according to the brokerage firm, and it has the largest U.S. Army base east of the Mississippi River. The Port of Savannah has an annual $122 billion impact on the state economy.

“Given the outstanding performance generated by Bristol at New Riverside, coupled with the long-term metrics that suggest continued population growth and economic prosperity in the Lowcountry, Bristol at New Riverside represents a prototypical deal for our Core Multifamily Fund,” stated JM Schapiro, CRC’s CEO. “We were extremely impressed with the thoughtful design and excellent execution of this development and are confident it will deliver a solid risk-adjusted yield to our investor group.”

Overview of $145 million Core Multifamily Fund

The Core Multifamily Fund is focused on acquiring newly developed properties in high-growth suburban and urban markets throughout the Southeast, including Charleston, Charlotte, Nashville, Raleigh, Orlando, and Tampa.

“We primarily targeted North and South Carolina for our initial acquisitions for the Core Multifamily Fund, based on the overwhelmingly positive long-term outlook of the Southeast region, due to shifting population patterns, corporate relocations, durable job growth and climate conditions that contribute to a high quality of life,” Schapiro said. “Our vertically-integrated team, supported by our innovative use of data analytics and leveraging our deep industry relationships, continues to scour the region in search of long-term hold opportunities.”

d 

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company which owns and operates a multifamily and shopping center real estate portfolio with a value exceeding $3.7 billion, has announced the promotion of Craig Spicer to Senior Asset Manager, Multifamily Division. Spicer joined CRC in 2018 and was formerly an Asset Manager.

Spicer will continue to maximize the value, operational efficiency, and financial performance of a portfolio of multifamily communities spanning the Mid-Atlantic and Southeast sections of the United States. His duties include performing financial analysis, lender compliance, capital project management, budget review and approval, as well as reporting to internal and external stakeholders. Spicer also collaborates with CRC’s acquisitions team and assists with due diligence activities related to underwriting and value determination.

“Craig has demonstrated tremendous growth during his time at CRC and has played a key role in enhancing our Asset Management team.  We have a great deal of confidence in his skillset and ability to handle increased responsibilities,” stated Elisabeth Mygatt, CRC’s Director of Multifamily Asset Management. “His collaborative approach with our operations teams has led to the successful implementation of many strategies that drive value and, over the years, he has significantly increased our reporting capabilities. Craig’s commitment to personal development, coupled with his eagerness to embrace new responsibilities makes him an indispensable member of our team.”

Spicer has more than 11 years of directly related real estate and asset management experience, having previously worked for the Howard County Housing Commission, the Maryland Department of Housing and Community Development, and the U.S. Department of Housing and Urban Development.

He earned a degree in Political Science from Loyola University Maryland.

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company with a portfolio value exceeding $3.7 billion, has promoted Lucas Bonds to Regional Portfolio Manager for the company’s Raleigh, North Carolina region. Bonds joined CRC last year as Community Manager at Millworks Apartments in Atlanta, Georgia.

In his new position Bonds will oversee activities related to the daily operations of CRC’s four multifamily communities in the greater Raleigh metropolitan area. This involves reviewing the performance of critical metrics such as closing ratios and apartment turn times pertaining to each asset, conducting on-site assessments to enhance community aesthetics, providing training and mentoring to team members, and leading and motivating the CRC team and various vendor groups. He will also participate in corporate events and meetings related to on-site operations. CRC owns and manages four multifamily communities in the greater Raleigh area: The Edison Lofts Apartments, St. Mary’s Square Apartments, St. Mary’s Square North Apartments, and The Village Apartments.

Prior to joining CRC, Bonds worked at Greystar for four years as Community Manager where he cross-trained assistant and community managers in the Southeast region. Bonds earned a Bachelor of Arts degree in Business Administration from the University of Alabama at Birmingham and is pursuing his Certified Property Manager designation from the Institute of Real Estate Management.

“This well-earned promotion reflects Lucas’s demonstrated ability to implement swift changes with tremendous impact,” said Amy Asuquo, CRC’s Director of Property Management, Multifamily. “Lucas recently stabilized and improved occupancy in an extremely challenging multifamily market, reduced operational expenses, hired and trained a new team, and implemented strategies to increase overall resident satisfaction. We are confident that he is prepared to take the next step in his CRC career by overseeing a larger multifamily portfolio featuring high-profile communities.”

Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of almost eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com.

Nicole Brickhouse has joined Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 11 states and with a portfolio value exceeding $3.7 billion, as Director of Capital Markets. Formerly Managing Director of Capital Markets at Walker & Dunlop, Brickhouse brings to CRC nearly 15 years of experience.

Brickhouse joins the CRC team to lead debt strategies and project-level financing for the firm’s portfolio – nearly 8 million square feet of retail and 9,300 apartment units. Brickhouse will also oversee CRC’s fund-level borrowing facilities and manage the firm’s existing book of borrowings.

“Nicole is a tremendous addition to CRC, and we feel incredibly lucky to have her join the team,” said Haley Donato, CRC’s Senior Vice President–Asset Management and Finance. “She brings nearly 15 years of experience within commercial real estate, having brokered transactions across all property types and among a diverse group of capital sources, and her reputation across the industry is second to none. CRC has ambitious growth objectives, and best-in-class financing executions are critical to achieving those goals. Nicole is exceptionally well-equipped to lead our financing strategies and, importantly, shares many of the same core values as our firm.”

In her prior role at Walker & Dunlop, Brickhouse originated and oversaw the execution of capital market transactions, including fixed-rate and floating-rate debt and equity placement for new development, acquisitions, and refinances. Her team executed more than $3 billion worth of transaction volume across nearly 100 deals throughout the country and across multiple asset classes.

Prior to Walker & Dunlop, she was a Director at JLL (formerly HFF) on their Capital Markets team where she sourced, marketed, and closed real estate debt and equity transactions for all property types. She earned a bachelor’s from American University and holds a Masters in Real Estate from Georgetown University. While earning her Masters degree, she was named winner of the MIT Case Competition in London, England.

Brickhouse’s extensive involvement in industry organizations demonstrates her focus on relationship building and leadership within the industry. She is currently a board member of the Mortgage Bankers Association’s mPact Production Advisory Committee, the incoming President of the DC Real Estate Group, and a member of ULI DC’s Commercial Office Product Council. Her engagement in these organizations expands her network, allows her to contribute her insights and provide mentorship to others in the business.

Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com

Twenty-eight multifamily communities owned and managed by Continental Realty Corporation (CRC) and spanning six states have earned “Satisfacts Property” awards for resident satisfaction, based on 2023 surveys produced by SatisFacts. The third-party entity compiles data and comments from current and prospective residents concerning overall satisfaction and ways to improve the residential experience.

To earn the Satisfacts Property Award, each multifamily community must maintain a Resident Satisfaction Score of over 4.25 based on a scale of 5.00, with a minimum of 100 completed resident surveys. CRC also received the 2023 “Satisfacts Company” Award for the tenth consecutive year for overall excellence as a portfolio.

“Achieving this recognition requires a strong commitment from all levels of our organization, especially our on-site teams who are working every day to create amazing experiences,” stated Scott Hamlin, Vice President, Multifamily for CRC. “We take awards such as these extremely seriously, as they continue to show why we are a housing provider of choice in every market we do business in”.

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 11 states and with a portfolio value exceeding $3.7 billion, has announced the hiring of Cole Slembecker as Property Accountant. Slembecker, who brings more than five years of accounting experience to CRC, previously worked as a Staff Account at Enterprise Community Partners.

Slembecker will manage the daily accounting responsibilities for a portfolio of CRC multifamily and commercial properties situated around the country. His activities will include assembling monthly and year-end packages and handling bank reconciliations, accruals, reclasses, budgets and lender reporting.

A graduate of Towson University with a Bachelor of Science degree in Accounting, he also worked as a Core Tax Associate at BDO USA, LLP.

“Cole has demonstrated the ability to perform the full cycle of accounting functions for a portfolio of real estate properties and, based on his skill set, plus his desire to learn new tactics and to work in a collaborative environment, we believe he is perfectly suited to excel in this new role,” explained Rebecca Moschina, CRC’s Senior Accounting Manager.

Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of nearly eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com