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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 change into vp of strategic initiatives for Pure. He 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 client demand is difficult for small, impartial operators.”

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

The Summerville agency manages 560 properties 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 duties.

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New Heights continues to be the popular supplier for property administration providers for Carolina One Actual Property brokers and their shoppers, 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 applications. It now manages 14,000 properties.

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