Summerville property administration agency purchased by California firm | Actual Property

SUMMERVILLE — A Charleston-area property administration firm now has a brand new proprietor.

Silicon Valley-based Pure Property Administration introduced March 1 it acquired New Heights Property Administration of Summerville, a earlier affiliate of Carolina One Actual Property, the Lowcountry’s largest-volume actual property agency.


Phrases weren’t disclosed.

Eric Wetherington, the native agency’s dealer, will turn out to be vice chairman of strategic initiatives for Pure. He just lately served because the 2019 nationwide president of the 6,000-plus-member Nationwide Affiliation of Residential Property Managers.

“The property administration {industry} is evolving with consolidation,” Wetherington stated. “The turbulence inside the true property market, regulatory compliance and shifting shopper demand is difficult for small, impartial operators.”


Morrison Yard apartment, office projects in Charleston eye summer for initial occupants

He additionally stated, “By ‘banding collectively and constructing collectively’ with PURE, New Heights stays dynamic and in a position to resolve many extra of the issues that frustrate smaller regional third-party operators.”

The Summerville agency manages 560 houses within the Charleston space and can proceed to function below its model. Shannon Daugherty, operations supervisor at New Heights, has assumed day-to-day management obligations.


SC home sales drop in January for 6th time in 7 months

New Heights continues to be the popular supplier for property administration companies for Carolina One Actual Property brokers and their purchasers, Wetherington stated.

Pure, based mostly in Los Gatos, Calif., launched in 2020 with a give attention to consolidating independently owned property administration corporations with seasoned leaders and supporting them with know-how and industry-related packages. It now manages 14,000 properties.

Our twice-weekly e-newsletter options all of the enterprise tales shaping Charleston and South Carolina. Get forward with us – it is free.