A joint venture between CP Capital, a highly disciplined US real estate manager specializing in multifamily investments, and Greystar, a leading fully integrated real estate firm with expertise in investment management, development and real estate administration, today announced that they have formed Montague ‘ Corners’ – a 336-unit multifamily development in North Charleston, South Carolina.
Montague Corners will be just off I-526, southwest of the soon-to-be expanded I-26/I-526 interchange – providing seamless commuter access to all areas of the greater Charleston area. The community will be strategically located at the epicenter of the fast-growing market, just two miles from Charleston International Airport, one mile from the North Charleston Coliseum and Performing Arts Center, and three miles from Joint Base Charleston.
Groundbreaking for the project is expected in October 2022. The first units are expected to be delivered in the first quarter of 2024, with construction expected to be completed in summer 2024.
“Charleston has demonstrated incredible economic resilience since the pandemic began, benefiting from steady immigration that has resulted in impressive job and population growth,” said Paul Doocy, co-head of CP Capital. “We are proud to continue our partnership with Greystar to deliver Montague Corners and continue to create value for both our partners and the communities in which we invest.”
Montague Corners will feature an expansive pool with outdoor entertainment, co-working spaces, a fully equipped fitness center and charming lounge areas, as well as upscale interiors such as stainless steel appliances, stone-topped countertops and vinyl wood floors.
The three-story above-ground parked community will also benefit from its proximity to the Tanger Outlets, an open-air shopping destination, and the Park Circle area, a burgeoning hub for eclectic retail and dining. Just south of Park Circle, Jamestown plans to convert a 45-acre site into a mixed-use development consisting of 1.2 million square feet of office space, apartments, shopping, restaurants and a concert hall.
“We are excited to continue multifamily development in the powerful Charleston market and could not wish for a better partner in CP Capital,” said Ben Liebetrau, managing director of Greystar, Carolinas. “Montague Corners’ combination of a convenient, central location and world-class amenities will provide tenants with the perfect setting 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 worked with Greystar on five development projects in the past, most recently on the Brighton Park Apartments in Brighton, Colorado.