South Carolina luxury apartments bought

The developer of a 360-unit, class A apartment complex in Bluffton, S.C., recently sold the property for $45 million.

Louisville, Ky.-based Allen Cos. of Kentucky Inc. unloaded the property on a fund advised by JP Morgan Asset Management.

Completed in two phases in 2004 and 2006, Lakes at Myrtle Park has one-, two- and three-bedroom units averaging 1,136 square feet each. The property is located at 4921 Bluffton Parkway close to Hilton Head Island and Interstate 95.

According to a press statement, "The Lakes at Myrtle Park is the only luxury apartment community within 30 miles of Hilton Head. Nearly all the rental properties on the island were converted to condominiums within the last three years."

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