A real estate investment firm and a real estate management company have teamed up on a proposed multi-family home in 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 administration, will develop Montague Corners – a 336-unit development in North Charleston, according to a press release.
Montague Corners will be located off Interstate 526, southwest of the soon-to-be-expanded Interstate 26/I-526 interchange, the press release said. The community is 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 press release.
Groundbreaking for the project is scheduled for October 2022, the press release said, and 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, in the press release. “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 a pool with outdoor entertainment, co-working spaces, a fitness center and lounge areas, as well as upscale interior features such as stainless steel appliances, stone-topped countertops and vinyl wood floors, the press release states.
The three-story community will also be near the Tanger Outlets and Park Circle area, where Jamestown plans to convert a 45-acre site into a mixed-use project consisting of 1.2 million square feet of office, residential and retail space, restaurants and a concert hall, according to the press release.
“We are excited to continue multifamily development in the thriving Charleston market and could not wish for a better partner in CP Capital,” said Ben Liebetrau, managing director of Greystar, Carolinas, in the press release. “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 past developments, most recently the Brighton Park Apartments in Brighton, Colorado, according to the press release.
The financial cost of the project was not disclosed.
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