Orange Capital Opens Charleston Community
The developer took out a $48 million construction loan to complete this project.
Orange Capital Advisors has officially opened Evado Nova Pax, a 309-unit multifamily property in Summerville, S.C. This marks the firm’s first Evado-branded development to come online.
Partners on the project included general contractor CF Evans Construction, designer PDI Architecture and engineer Dangerfield Engineering & Surveying. Willow Bridge Property Co. serves as property manager. The community was already 53 percent preleased.
The developer, a subsidiary of Evans Management Group, took out a $47.5 million construction loan in May 2022 for the Charleston-area project, Yardi Matrix information shows. SouthState Bank provided the note with a maturity date set in 2027.
Located at 5101 Evado Lane, the community is close to several retail and dining options, as well as 23 miles from Charleston Internation Airport. Summerville’s city center is 10 miles away, while downtown Charleston is within 31 miles.
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Evado Nova Pax encompasses 10 four-story buildings spread across 31 acres. The unit mix comprises studio, one-, two- and three-bedroom floorplans ranging from 615 to 1,395 square feet. Select layouts feature private balconies or patios.
Common-area amenities include a fitness center, sky lounge and saltwater swimming pool with cabanas, as well as a wellness center and yoga and barre studio. The property also has a sauna and massage room, along with grills, a conference room and EV charging stations.
Orange Capital Advisors’ portfolio comprises nine completed communities, according to its website. Additionally, the firm is working on a 270-unit project dubbed Evado Asheville South, which is set to come online next fall. That development is in Fletcher, N.C.
Charleston’s growing multifamily inventory
Charleston had 37 multifamily construction projects underway as of October, which are expected to total 7,903 units upon full build-out, Yardi Matrix information shows. Nine of them have broken ground since the beginning of the year.
In June, TBC Development and BCDC started work on Maybank 3030, a 72-unit build-to-rent project in Johns Island, S.C. First units are expected to come online in the first quarter of next year.
