A real estate investment firm and property management company have teamed up for a multifamily development planned for North Charleston.
New York City-based CP Capital, a real estate manager specializing in multifamily investments, and Greystar, a Charleston-based real estate company with a background in investment management, development, and property management, will develop Montague Corners — a 336-unit development in North Charleston, according to a news release.
Montague Corners will be located off Interstate 526, just southwest of the soon to be expanded Interstate 26/I-526 interchange, the release stated. The community located two miles from Charleston International Airport, one mile from the North Charleston Coliseum and Performing Arts Center, and three miles from Joint Base Charleston, according to the release.
The project is expected to break ground in October 2022, the release stated, and the first units are anticipated to deliver in Q1 2024, with construction expected to be completed during the summer of 2024.
“Charleston has displayed incredible economic resilience since the start of the pandemic, benefiting from consistent in-migration resulting in impressive job and population growth,” Paul Doocy, co-head of CP Capital, said in the release. “We are proud to continue our partnership with Greystar to deliver Montague Corners and consistently generate value for both our partners and the communities where we invest.”
Montague Corners will feature a pool with outdoor entertainment, co-working spaces, a fitness center, and lounge areas as well as upscale interior finishes such as stainless-steel appliances, stone-surface countertops and vinyl wood flooring, the release stated.
The three-story community will also be located in proximity to the Tanger Outlets and the Park Circle area, where Jamestown plans to redevelop a 45-acre site into a mixed-use project consisting of 1.2 million square feet of office space, residences, shopping, dining and a concert hall, the release stated.
“We are thrilled to continue developing multifamily spaces in the high-performing Charleston market, and could not ask for a better partner in CP Capital,” Ben Liebetrau, Greystar managing director, Carolinas, said in the release. “Montague Corners’ combination of a convenient, central location and best-in-class amenities will provide renters with the perfect environment for their modern lifestyle, and allow the Greater Charleston area to continue its already impressive growth.”
CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on five development projects in the past, most recently the Brighton Park Apartments in Brighton, Colorado, according to the release.
Financial costs of the project were not disclosed.