Northland, a national real estate private equity firm, has purchased 511 Meeting in Charleston. The residential building is Northland’s third investment in the Charleston area. Terms of the sale were not disclosed.
511 Meeting is comprised of 221 studio, one-, and two-bedroom apartments, 33 of which are rent restricted, according to a news release. The podium-style mid-rise building includes a fully equipped fitness center with a separate yoga studio, a bike storage and repair area, and a second-story pool deck with a fire pit and grill stations. The modern building also features a resident lounge for entertaining, with a billiards table, foosball table and bar space, as well as 2,960 square feet of dedicated retail space occupied by Blum, a coffee and wine bar.
“Since our entrance into the Charleston market in 2019 with The Standard on James Island and Wharf 7 on Daniel Island, we’ve been actively seeking additional opportunities for expansion onto the Peninsula,” Bruno Setteducati, Northlands director of investment, said in the release. “Located in the North Meeting Street neighborhood, 511 Meeting offers residents close proximity to all that Charleston’s Midtown has to offer. The property’s thoughtful mixed-use integration into the historic streetscape and prime location are some of the many factors that make it a differentiator in this market, and great fit for Northland’s portfolio.”
Jim Sewell, Dave Lansbury, Paul Berry, and Erika Maston of CBRE represented the undisclosed seller in the transaction.
Located on the peninsula in the North Meeting and Upper King neighborhoods, 511 Meeting places residents just one block away from King Street.
Since 2019, Northland has invested more than $200 million in Charleston to assemble a portfolio of 813 class A apartment homes, the news release said. Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the United States. The company manages $8 billion in assets.