Welcome to Bluffton: A New Investment in the Community
Bluffton is buzzing with exciting news in the real estate market! Just recently, a Baltimore-based real estate and investment company made a significant move by purchasing a second multi-family community in the area for $44.5 million. This community, known as Bristol at New Riverside, adds to the company’s growing portfolio in the beautiful Lowcountry region, which already includes over 1,100 apartment homes across various locations like Hilton Head, Charleston, and Mount Pleasant.
A Closer Look at Bristol at New Riverside
Completed in 2024, Bristol at New Riverside boasts 166 units and is situated at 205 Forest Trace. Previously going by the name Madison New Riverside, this delightful two and three-story garden-style community was reported to be 90 percent leased at the time of its purchase. Visitors will find an impressive layout featuring six buildings that offer a mix of one and two-bedroom floor plans, ranging in size from 745 to 1,186 square feet. The average size of the units is around 942 square feet, with one-bedroom apartments making up 58 percent of the offerings and two-bedroom units 42 percent.
What Makes This Location Special?
Ari Abramson, the Vice President of Acquisitions for the company, expressed his excitement about the new asset. He described Bristol at New Riverside as a best-in-class property, highlighting its strategic positioning within the New Riverside Village. This vibrant and fast-growing mixed-use area includes a delightful blend of for-sale townhomes, retail shops, and commercial office spaces. Notably, a newly developed retail center in the village has already signed several promising tenants, including a French bakery, multiple sit-down and fast-casual restaurants, a pharmacy, a nail salon, a medical spa, and even an animal hospital.
A Park for Everyone!
The community is also located next to New Riverside Park, a wonderful 37-acre green space designed with large open areas, winding trails, a playground, and a 2,700 square-foot barn that is perfect for both private gatherings and larger public events. It’s a terrific way for residents to enjoy the great outdoors.
Experience Comfort and Style
Inside the apartments, residents can expect modern conveniences including nine-foot ceilings, quartz countertops, and designer lighting. The stylish kitchen features tile backsplashes and gooseneck faucets, along with hardwood-style flooring and kitchen islands. Bedrooms come equipped with soaking tubs and spacious walk-in closets. Plus, every unit includes stainless steel appliances, side-by-side refrigerators, and a full-size washing machine and dryer in a dedicated laundry area, truly ensuring a comfortable living experience.
Amenities That Enhance Community Living
Residents won’t just find luxurious apartments; they’ll also have access to a large clubhouse furnished with a state-of-the-art fitness center and a cozy coffee lounge. For those running errands or managing deliveries, there are digital access package-acceptance lockers available. Outdoor enthusiasts will revel in the saltwater swimming pool and the open recreation area, which the company plans to activate during their first year of ownership.
Strong Demand for Rental Housing
Abramson shared some insightful data on the rental market in Bluffton, stating that the impressive speed at which leases are being signed indicates a strong demand for rental housing in the greater Bluffton-Hilton Head area. Interestingly, the multi-family lease-up occurred even before retailers began operating at New Riverside Village, suggesting that the community is geared for further growth and expansion.
Why Renting Makes Sense
According to Zillow Group, home values in the neighboring areas range from $400,000 to $500,000. Given this, opting to rent an apartment at Bristol at New Riverside can lead to monthly savings of over $1,000 compared to purchasing a nearby townhome, making it a wallet-friendly option for many residents.
In the grand scheme of things, this acquisition marks the third asset bought on behalf of the Core Multifamily Fund, LP, a private equity fund created in partnership with a notable investment management firm. As Bluffton continues to evolve, residents can look forward to more developments that enhance community living and create memorable experiences.
