Beverly Hills company acquires Summerville housing complex for $51.5M

SUMMERVILLE — A real estate and development firm out of Beverly Hills, Calif., marked its first entry into the Charleston market with the $51.5 million purchase of a Berkeley County apartment complex.

Ascenda Capital, which focuses on workforce and affordable multifamily housing, acquired the 232-unit Bryant at Summerville.

Located at 325 Marymeade Drive, Bryant at Summerville was built in 2004 and consists of a mix of one-, two- and three-bedroom garden-style apartments averaging 945 square feet. Amenities include a resort-style swimming pool, fitness center, fireside lounge, recreation room, business center, dog park and walking trail.

The community previously was owned since 2020 by American Landmark Apartments, which changed the name from The Tradition at Summerville buying it for $33.9 million.

At the time, the development was ALA’s third acquisition in the Summerville market and the firm planned a $2.7 million capital investment to improve the development.

“Summerville is a high-growth submarket that aligns well with our investment strategy, offering strong fundamentals, continued population growth, and strong long-term demand drivers,” Matt Avital, principal and founder of Ascenda Capital, said in a statement. “Bryant at Summerville is a well-located community that gives us the opportunity to invest in a quality asset while expanding access to more affordable housing options in the market.”

Rents currently start at $1,248 for a one-bedroom unit.

Ascenda Capital said it has completed about $3.5 billion in multifamily transactions nationwide and currently owns more than 18,000 apartment units across a portfolio of more than 70 properties.