07/23/2026
We are pleased to announce the successful sale of Cedar Key Apartments in Summerville, South Carolina. Cedar Key was DXE’s final legacy asset, and its sale marks the successful conclusion of another strong project.
Originally built in 2004, the property was acquired in early 2018 with agency debt for $3,024,000 and sold last week for $5,600,000, exceeding projections for both us and our investors.
The property required limited capital investment during our ownership and was subject to affordable housing restrictions that required residents to meet certain rent and income thresholds. Over time, the HOME portion of the restrictions burnt off unlocking, additional value throughout our eight-year hold period. Congratulations and thank you to everyone involved in this successful outcome.
Best of luck to the buyers who executed efficiently and should have success as Summerville continues on its upward trajectory.