- Gains Luxury Apartment Community Located in Award-Winning, Coastal South Carolina Community -
- Expands Footprint in Core Southeast Market -
AVENTURA, Fla., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc., (Nasdaq:TSRE) a fully integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced the acquisition of Talison Row, a 274 unit Class A garden style multifamily community situated in Daniel Island, S.C., a submarket of Charleston, for approximately $48 million.A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=20745 Talison Row is comprised of luxury one-, two-, and three-bedroom apartment residences and offers a variety of floor plans. Apartments feature a number of attractive amenities including hardwood floors, private porches/balconies, in-home washers and dryers, designer lighting and crown molding. Furthermore, apartments feature full kitchens complete with granite counter tops, "Subway tile" back splash and stainless steel appliances. "Talison Row is a unique addition to our high quality portfolio and expands our footprint in the Charleston market, which boasts strong economic and employment fundamentals and limited new supply," said Michael Baumann, Chief Executive Officer and Chairman of Trade Street Residential. "This acquisition reflects our ability to source premier apartment communities at attractive cap rates and a discount to replacement cost. We look forward to applying our proven leasing and operating platform to increase occupancy and generate attractive margins." The Talison Row community boasts more than 20,000 square feet of amenities including a salt water pool with adjacent fireplace and grilling area, private cabanas and sun bathing lawn, an expansive clubhouse, a community garden, private covered parking, a yoga studio, a game room, a 24-hour fitness room and an outdoor gourmet kitchen.
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