144-unit North Village Apartments in North Charleston, SC Sold to Ashley River LLC; Renovations Will Enhance Exteriors/Interiors

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Darby Development Company is proud to announce the purchase of a North Charleston apartment community, now named Chester Place Apartments, by Ashley River 1, LLC. Darby Development Company, Inc., is the management company for this community and financing was provided through NorthMarq Capital.

Larry Eichler and Gina Macdonald, Managing Directors of Ashley River, LLC, today announced their purchase of North Village, a 144-unit garden apartment complex on 9 ½ acres at 4747 Lambs Road, North Charleston. The community’s new name is Chester Place Apartments (http://www.Chesterplaceapts.com).

Management of the community, Chester Place Apartments, on Dorchester Road, adjacent to the Boeing Complex and the Joint Strike Force Base, is being assumed by Darby Development Company, Inc. (http://www.Darbydevelopment.com) The community rebranding has begun with exterior and interior improvements planned. “Our management team is very excited to bring the Darby Difference to Chester Place,” Victoria Cowart, CPM, Darby Development shared. “Customers will notice an atmospheric improvement, and we will deliver value to our Owners simultaneously,” she added.

“We really are excited about our purchase of this community, and are doubly excited to dub it Chester Place Apartments, naming is after the most adjacent and historic Hwy 642, or Dorchester Road,” Mr. Eichler noted. “We plan to significantly expand our investment portfolio in Metro Charleston because we are believers in the economic drivers in this market,” he added.

Fannie Mae financing for Chester Place Apartments (http://www.Chesterplaceapts.com) was arranged through Ryan Whitaker of NorthMarq Capital, Jacksonville, FL.

Ashley River, LLC focuses exclusively on the acquisition and value-added management of apartment communities.

Backgrounds of Principals:
Lawrence S. Eichler:

  • 30 years of experience in real estate acquisition, management, leasing, general contracting, financing, and investing
  • Attorney focused on commercial and residential real estate, corporate, and commercial transaction work
  • Purchased RI Marina/Boat Yard in Receivership, renovated/transformed and sold
  • GP and VP of Wilmington Blue Rocks, Single A Minor League Baseball Team in Carolina League which purchased the Peninsula Pilots, Hampton, VA, relocated to Wilmington, DE, obtaining approvals and financing from City Wilmington and State of Delaware for the construction of a new stadium
  • Admitted to the Bar in New Jersey, Colorado, and District of Columbia

Georgina Macdonald:

  • 25 years of experience in commercial real estate finance, distressed debt workout, asset management, institutional securitization and maximizing profitability at large companies by analyzing cost drivers and finding new revenue opportunities
  • Was CEO of Fleet Real Estate Capital (prior to merger with Bank of America) doing management of performing and non-performing commercial real estate portfolios and origination of loans for institutional investors from startup to industry leading growth to extremely profitable sale. The company was one of the pioneers in the CMBS markets
  • Broad experience as a strategy consultant with particular expertise in financial institutions as a Managing Director of Promontory Growth and Innovation, an affiliate of Promontory Financial Group.

Victoria Cowart, CPM:

  • 30 years of experience in property management.
  • VP of Property Management for Darby Development Co., Inc.
  • Certified Property Manager through the Institute of Real Estate Management (IREM)
  • Former President of the Charleston and South Carolina Apartment Associations
  • Multi-year Board Member of the National Apartment Association
  • Property Management Educator for Charleston Trident Association of Realtors
  • Experienced in managing all classes of apartment communities: affordable & conventional

Contact Information:
Larry Eichler: larry(at)eichleroffices(dot)com 973.394.9777

Gina Macdonald: georginamac(at)gmail(dot)com 617.592.8378

Victoria Cowart: Darby(at)Darbydevelopment(dot)com 843.554.1030

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Victoria Cowart
Darby Development
+1 (843) 554-1030 Ext: 19
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