CP Capital and Greystar to Grow South Carolina Community – Multifamily Real Estate News
CP Capital—formerly HQ Real Estate—in joint venture with gray star will develop Montague Corners, a 336-unit community in North Charleston, SC Groundbreaking is slated for next month. The first units are scheduled for delivery in early 2024, with construction expected to be completed in the summer of 2024.
When completed, the three-story community will include coworking spaces, lounges, a fitness center and a swimming pool. The apartments will feature stainless steel appliances, stone counter tops and vinyl wood floors.
Located in the heart of the city, the property will provide easy access to Interstate 526 and transportation options to Charleston’s most desirable metro areas. Montague Corners will be less than two miles from Charleston International Airport, one mile from the North Charleston Coliseum and Performing Arts Center and less than three miles from Joint Base Charleston. The aboveground parked community will rise near the Tanger Outlets and Park Circle area, providing access to multiple retail, entertainment and dining options.
Charleston’s Growing Rental Market
Montague Corners is poised to meet the growing demand for rental accommodations in Charleston’s expanding market. The city is ranked eighth in the country when it comes to best cities for renters, with an occupancy rate of 94.4%, according to data from RentCafé. Acknowledging the potential in the market, CP Capital Co-Head Paul Doocy said in prepared remarks that Charleston has shown significant economic resilience since the start of the pandemic, benefiting from steady immigration leading to notable growth in employment and population.
CP Capital and Greystar have partnered on five development projects so far. Last year, the companies announced their plans for Brighton Park Apartments, a 288-unit garden-style multifamily project in the Denver suburb of Brighton, Colorado. This development should be completed in the first half of 2023.