VTT Management, out of suburban Boston, bought five area apartment communities aggregating to some 1,043 units for a total of about $50M, making VTT the #2 private owner of apartments in Charleston. Warren Wise of The Post and Courier has the article here.
Warren Wise of The Post and Courier reports on lots of development activity in the multi-family sector on and near the peninsula and downtown, and a Charlotte developer that wants to add some more, specifically an under-supplied sector – one bedroom units. The same developer also owns a 15-acre site on the Upper Peninsula where it plans an initial phase of 275 units. There are a few other projects planned, ranging from a 10-story building to a 430-bed student housing development currently under construction at the base of the Ravenel Bridge.
URS Capital Partners bought Summit Place on Ashley Phosphate Road in N CHS for its fourth acquisition in the area in the past two years. It paid $14.7M for the 226-unit community, or about $65k/unit. The buyer plans abut $2M in renovations. John McDermott of The Post and Courier has the announcement.
The 15-year old 360-unit Edgewater Plantation Apartments on Wando Park Blvd. was purchased by New York-based Blackstone Real Estate at $58M, or $161k/u, after selling just three years ago for about $39M according to the article (we hear $42.7M by the way). Also mentioned, the $320k/u sale of Elan at Midtown in November to JPMorgan and the suburban Woodfield Long Point that New York-based Sentinel bought at $215k/u. Colliers own Seth Clark is quoted in the article by Warren Wise of The Post and Courier.
Ashley Heffernan of The CHS Regional Business Journal provides an overview of apartment development and its growth spurred by Millenials (born after 1980) that are creating a significant demand generator for rentals and how they are designed. Not your father’s apartments…
Our Colliers International local market report on the CHS multi-family market is ready for downloading. A quick excerpt: The market remains vibrant and poised for further growth in demand, new construction, monthly rents, and sales velocity….YE 2014 stats show a $959 average market rent per month and $.98/sf/month, and an effectively fully stabilized 5.3% vacancy; new construction is coming but so are jobs….
More apartment are coming, the latest one announced a 203-unit development at Bees Ferry Road in West Ashley. Also announced was a rather insignificant 27-unit development off Harbor View Road on James Island. Warren Wise of The Post and Courier has the announcement.
With just 60 units, and some of those “workforce housing”, a $15M apartment project has been proposed for the corner of Spring Street and Septima P. Clark Expressway on the west side of downtown near the medical district. Warren Wise of The Post and Courier has the story.
Our buddies at Southeast Real Estate Business had the scoop on a new apartment development in Charleston with the Kalikow Group and EYC teaming up for The Apartments at Shade Tree, a 248-unit master-planned development on Johns Island that will deliver the first multi-family development on Johns Island since 2005. No link.
Its getting expensive to rent an apartment in CHS these days as rents rise. Tyrone Richardson of The Post and Courier reports on the realities of renting in a market with significant barriers to entry for new development. New units are coming, but they are being outpaced by job creation, retirees, 2nd/weekend home creation, and the displacement of residents due to foreclosure or past foreclosures and not being able to qualify for a loan to buy another home.