CP Capital, Greystar to Develop South Carolina Community
The first units are slated for an early 2024 delivery.
CP Capital—formerly HQ Real Estate—in a joint venture with Greystar will develop Montague Corners, a 336-unit community in North Charleston, S.C. Groundbreaking is planned for next month. The first units are slated for an early 2024 delivery, with construction set to be wrapped up during the summer of 2024.
Upon its completion, the three-story community will feature coworking spaces, lounge areas, a fitness center and a pool. Apartments will encompass stainless steel appliances, stone-surface countertops and vinyl wood flooring.
Situated in the heart of the city, the property will offer easy access to Interstate 526 and commuting options to metro Charleston’s most sought-after areas. Montague Corners will be within two miles of Charleston International Airport, one mile away from North Charleston Coliseum and Performing Arts Center and within three miles of Joint Base Charleston. The surface-parked community will rise in proximity to the Tanger Outlets and the Park Circle area, offering access to several retail, entertainment and dining options.
Charleston’s growing rental market
Montague Corners is set to help meet the rising demand for rental housing in the expanding Charleston market. The city is ranked eighth in the nation when it comes to the best cities for renters, with an occupancy rate of 94.4 percent, according to data from RentCafé. Acknowledging the market’s potential, CP Capital Co-Head Paul Doocy stated in prepared remarks that Charleston has displayed significant economic resilience since the start of the pandemic, benefiting from consistent in-migration resulting in notable job and population growth.
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, Colo. This development is slated for completion in the first half of 2023.