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300-unit multi-family complex in Cane Bay sold for $79.5M

Contributing Writer //December 21, 2021//

300-unit multi-family complex in Cane Bay sold for $79.5M

Contributing Writer //December 21, 2021//

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The Hudson is a 300-unit multi-family apartment complex in Summerville's Cane Bay neighborhood. (Photo/Provided)

The Hudson, a 300-unit multi-family apartment complex in Summerville’s Cane Bay neighborhood, was recently sold in an off-market transaction to a private equity firm for $79.5 million.

The sale was announced in November 2021. New York-based developer Monday Properties sold the complex on Owl Lane to Columbia-based PassiveInvesting.com, which invests in multi-family properties in the Southeast and Texas.

“This off-market transaction was an excellent opportunity for both the buyer and seller, and ultimately the residents within the community,” said Frank Craighill, vice president of development at Monday Properties. 

PassiveInvesting.com is now offering qualified investors a stake in The Hudson for a $50,000 minimum commitment.

The Hudson is the only multi-family project located in the Cane Bay community. A Publix-anchored retail center was just added across the street.

Monday Properties broke ground on The Hudson in October 2019 and delivered the first buildings in April 2021 with 10% of the project pre-leased and 21 units occupied. The Hudson experienced a steep pace of demand and is now more than 58% leased with 160 units occupied at sale.

The spacious studio, one-, two-, and three-bedroom apartments have private balconies and patios, open-concept floor plans, stainless steel appliances and nine-foot ceilings.

Amenities include a clubhouse and business center, fitness studio and a saltwater, zero-entry pool with sun shelf. Rent prices range from $1,258 for a studio to $2,344 for a three-bedroom unit.

“The property was a great opportunity for our group to expand our footprint in the Charleston (metropolitan area),” said Dan Handford, managing partner of PassiveInvesting.com. “The high-quality asset fits nicely into our portfolio of multi-family properties.”

According to The Hudson’s investment offering, PassiveInvesting.com predicts a 26.3% annualized return on investment with a five-year hold period and the potential to more than double the investment through equity.

This transaction serves as the second multi-family property acquisition in the Charleston market for the firm. In September 2021, PassiveInvesting.com bought the 350-unit complex Bluewater at Bolton’s Landing in West Ashley. PassiveInvesting.com’s total portfolio has a current value of more than $742 million with a total of 4,233 multi-family units.

The sale of the Hudson at Cane Bay marks the second sale of a multi-family property by Monday Properties this year.

The company sold The Mason, a 264-unit multi-family community in North Charleston in June 2021 to American Landmark, a Florida company.

While Monday Properties focuses primarily on real estate markets in New York City, the greater Washington, D.C. metro area, Los Angeles and San Francisco, the team will continue to keep an eye on development opportunities in Charleston.

Monday Properties’ portfolio includes more than 2,700 multi-family units and more than 5 million square feet of commercial office space.

“We are energized by the current activity in the market and intend to seek future development in Charleston and similar growing Southeast markets,” Craighill said. “The successful delivery and subsequent sale of The Hudson is a direct result of the strength of the Southeast market, specifically the exceptional economic growth of the Charleston area.”