JEM Holdings acquired Wedgewood apartments in August, 2015 as a value-add investment and exited in March 2018, providing investors a gross return of 23.47% or 1.89x on invested capital over the 2.5 year hold. The sale was part of a 1031 exchange.
Constructed in 1985, Wedgewood is a 122-unit apartment complex comprised solely of townhomes located in North Charleston, SC. Wedgewood is located just off Dorchester Road on a segment that experiences an average daily traffic count of 40,000+ vehicles while neighboring Interstate 526 averages 84,000 cars daily. This location provides quick and easy access to the majority of Charleston’s major employers and traffic corridors as well as immediate access to Boeing, the Charleston Air Force Base, and the Charleston International Airport.