Capstone’s Eric Liebich and Ron Corrao facilitated the transaction between the developer, Atlanta-based Hathaway Development, and Fundrise, America’s largest direct-to-investor real estate investment platform, headquartered in Washington, D.C.
“The sale of Highland Exchange represents the completion of a successful development and lease-up by the Hathaway team,” Liebich said in a news release. “The acquisition also positions Fundrise nicely, with the property poised for future organic growth as jobs, mass in-migration and investment all continue to flow into Charleston and the surrounding MSA.”
Highland Exchange, constructed in 2020, includes 276 units and is located on Rivers Avenue off Interstate 26.
The apartment complex includes four-story buildings, as well as carriage home units with one-car garages. Community amenities include a swimming pool, clubhouse, fitness center, business center, pet park and grilling area.
Highland Exchange's location is adjacent to the new $10 million, 75,000-square-foot Charleston VA Outpatient Health Annex that opened in June. Within 15 minutes of the area are also companies like Boeing, Mercedes-Benz Vans, Joint Base Charleston and Charleston International Airport.
Ben Miller, CEO and co-founder of Fundrise, said he's thrilled about the acquisition, particularly because the Charleston region is one of the fastest growing submarkets in the Southeast.
“With the strong demand drivers within the Charleston MSA and the ideal location of Highland Exchange, this acquisition represents another unique opportunity for our investors to diversify and expand their portfolios," he said in the release.
To date, Fundrise has transacted more than $5.7 billion worth of real estate, including more than 20,000 multi-family units in 25 states. The company currently manages about $1.5 billion in equity on behalf of more than 150,000 active investors.