Rockpoint, a Boston-based real estate private equity firm, and Realco Capital Partners (“RCP”), a real estate investment company specializing in student housing, announced the acquisition of Summit Place (the “Property”), a Class A, mid-rise student housing community in Charleston, South Carolina. Terms of the transaction were not disclosed.
Summit Place is a modern, purpose-built housing complex neighboring the College of Charleston campus in the Upper King Street community, offering students full-service, amenitized living. The Property comprises 118 units and 357 beds, along with highly desirable amenities including a fitness center, pool, and dedicated spaces for student residents to study and unwind.
“We are pleased to partner with RCP at Summit Place to offer College of Charleston students a premier student living experience,” said Tom Gilbane, Co-President and Managing Member at Rockpoint in a statement. “This property aligns with our focus of investing in markets and communities with attractive supply and demand fundamentals where we see opportunity for growth.”
Originally developed in 2020, all units are fully furnished with modern interior designs and appliances, including in-unit washers and dryers. The Property is conveniently located within walking distance of both the college and downtown Charleston, providing residents with direct access to restaurants, hotels, and shopping destinations.
“Summit Place provides a best-in-class housing option for students in Charleston,” said Jared Heuer, Managing Partner at RCP. “Since we first invested in Summit Place in 2022 and began implementing our strategic plan, we have seen strong demand in the market for a premier off-campus residential living experience. We are incredibly excited to build on all the Property’s momentum to date in this new venture with Rockpoint.”
