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South Carolina

Build-to-RentConference CoverageFeaturesMultifamilyNorth CarolinaSingle-Family RentalSouth CarolinaSoutheastSoutheast Feature Archive

Build-to-Rent Sector Remains in a Sweet Spot, Say InterFace Panelists

by John Nelson

CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability of more private space including garages and backyards — led to a sharp increase in demand for single-family rental (SFR) homes. Underpinning the increased demand for BTR living is the unaffordability of homeownership for a large swath of Americans. As of mid-year, home prices are now 47 percent higher than they were in early 2020, according to Harvard’s Joint Center for Housing Studies. Home insurance premiums have also risen aggressively in the recent past — up 21 percent between 2022 and 2023, according to the study. Meanwhile, mortgage payments are increasingly untenable as interest rates have also risen dramatically in recent years. For these reasons, institutional investors are actively participating …

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AcquisitionsFloridaSeniors HousingSouth CarolinaSoutheast

Sonida to Purchase $103M Seniors Housing Portfolio in Florida, South Carolina

by John Nelson

DALLAS — Dallas-based Sonida Senior Living has announced that it is under contract to acquire a portfolio of seniors housing communities situated within the Southeast for $103 million. The seller was not disclosed. Totaling 555 assisted living and memory care units across eight properties, the communities are located in Jacksonville, Orlando and Daytona Beach in Florida,  as well as the South Carolina markets of Hilton Head Island, Charleston and Florence. Occupancy across the properties averages roughly 83 percent. Average monthly revenue per occupied room (RevPOR) at the communities is $6,000. The acquisition, which is expected to close later this year, will bring Sonida’s total operating portfolio to 91 communities. “With this planned acquisition, Sonida will further broaden its high-quality and regionally focused real estate portfolio with newer vintage communities in mid-to-large metropolitan areas with favorable growth prospects,” says Brandon Ribar, president and CEO.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

SJC Ventures Completes Phase II of West Ashley Station Shopping Center in Charleston

by John Nelson

CHARLESTON, S.C. — Atlanta-based SJC Ventures, along with general contractor Hill Construction, has completed Phase II of West Ashley Station, a shopping center located at 1125 Savannah Highway in Charleston’s West Ashley neighborhood. Spanning 29,000 square feet, the second phase is fully leased to tenants including Hollywood Feed, Hand & Stone, Another Broken Egg, Pacific Dental, GoodVets, Jersey Mike’s Subs, Nothing Bundt Cakes, CAVA, Nikita Hair Salon, House of Sage (a women’s boutique retailer) and Serotonin Centers. Several tenants in the second phase are already open. SJC Ventures expects all tenants to be open by February 2025. John Orr and Lindsey Halter of Carolina Retail Experts marketed West Ashley Station for lease. Phase I of the property includes a 45,062-square-foot Whole Foods Market that opened in 2018.

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AcquisitionsMultifamilySeniors HousingSouth CarolinaSoutheastUncategorized

Berkadia Negotiates Sale of 159-Unit Active Adult Community in Greenville

by John Nelson

GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.

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DevelopmentIndustrialSouth CarolinaSoutheast

Glenstar Logistics Begins Vertical Construction on 550,520 SF Industrial Facility in Gaffney, South Carolina

by John Nelson

GAFFNEY, S.C. — Glenstar Logistics has begun vertical construction on a 550,520-square-foot warehouse in Gaffney. Dubbed CCC-85 Building 2, the development marks the first building within Glenstar’s Cherokee Commerce Center 85. Scheduled for completion in the fourth quarter of this year, the building is being developed on a speculative basis, with the capability to expand to 1.3 million square feet. The property will feature 40-foot clear heights, column spacing of 56 feet by 50 feet, 60-foot speed bays, 232 dock doors, four drive-in doors and up to 604 car parking spaces and 388 trailer spaces. Partners on the project include Creek Lane Capital, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. CrossHarbor Capital Partners is providing $38.2 million in construction financing. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are marketing CCC-85 Building 2 on behalf of ownership.

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DevelopmentMixed-UseMultifamilyRestaurantRetailSouth CarolinaSoutheast

Lexington Land Development Breaks Ground on $65M Platt Springs Crossing Near Columbia, South Carolina

by John Nelson

LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.

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DevelopmentMultifamilySouth CarolinaSoutheast

Woodfield Development Completes 304-Unit Ames Apartment Community in Summerville, South Carolina

by John Nelson

SUMMERVILLE, S.C. — Woodfield Development has completed and opened The Ames, a 304-unit apartment development located at 3800 Zephyr Road in Summerville. Situated within the Nexton master-planned development, the property offers residences in a mix of studio, one-, two- and three-bedroom layouts. Amenities at The Ames include a swimming pool, courtyard, grilling stations and a 1,500-square-foot pool cabana with a bar area. This marks Charleston-based Woodfield’s 17th multifamily delivery in the state.

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Build-to-RentLoansMultifamilySingle-Family RentalSouth CarolinaSoutheast

Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina

by John Nelson

OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.

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Conference CoverageFeaturesMultifamilyNorth CarolinaSouth CarolinaSoutheastSoutheast Feature Archive

Multifamily Investors Need to Capitalize on ‘Golden Window’ to Buy Below Replacement Cost, Say InterFace Panelists

by John Nelson

The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below today’s costs; these are win-win transactions,” added Russell. “If a developer capitalized the deal a few years ago then they’re selling for a profit, and the buyer is able to acquire these deals for below today’s costs.” These win-win deals are becoming few and far between in today’s environment of elevated interest rates. While buyers are seeking strong yields in their investments, sellers are seeking profitability, and the middle ground has become narrower as those two motivations don’t overlap as often, especially compared to 24 to 36 months ago when interest rates were at historic lows. “In 2021-2022, properties were trading like commodities to some extent — they were two-year …

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AcquisitionsSouth CarolinaSoutheastStudent Housing

Rockpoint, Realco Capital Purchase 357-Bed Student Housing Community Near College of Charleston

by John Nelson

CHARLESTON, S.C. — Boston-based Rockpoint and Connecticut-based Realco Capital Partners have purchased Summit Place, a Class A midrise student housing community adjacent to the College of Charleston in the city’s Upper King Street neighborhood. Built in 2020, the property features 357 student housing beds across 118 units, as well as a fitness center, swimming pool and study spaces, among other amenities. The seller and sales price were not disclosed. Realco Capital previously has been had an ownership stake in Summit Place since 2022.

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