Graycliff Capital Partners has begun construction on Waterleaf at Foxbank, an apartment community in Berkeley County in the greater Charleston, S.C., area.
The 318-unit property offers a mix of one-, two- and three-bedroom floorplans. The property features 11 residential buildings, three carriage house-style buildings and a community clubhouse.
Sitework on Waterleaf at Foxbank is underway, with construction expected to be completed by winter 2023. Graycliff has selected NHE to operate the property.
“The in-migration trends that are taking place in the Southeastern coastal market make suburban Charleston an ideal area to develop a high-end, multifamily community, especially given that the largest demographic age group is at an age that is most likely to rent,” Paul Aiesi, partner at Graycliff, told Multi-Housing News.
Waterleaf at Foxbank is part of Foxbank, a master-planned, mixed-use community that offers residential, office and retail space on the edge of a 67-acre lake. The area offers proximity to major employers that include Google, Alcoa, Boeing, Daimler, Mercedes Benz Vans, Volvo and Roper St. Francis Berkeley Hospital, in addition to higher education institutions such as Trident Technical College, Charleston Southern University, College of Charleston and the Medical University of South Carolina.
Graycliff, a multifamily development and investment company, has two other coastal developments in South Carolina, including the 240-unit Waterleaf at Murrells Inlet and the 212-unit Waterleaf at Battery Creek in Beaufort, and another at the 248-unit Waterleaf at Leland in Leland, N.C. The firm noted it identifies opportunities for new communities within the coastal Carolina markets, as they are experiencing a significant in-migration population boom.
The firm has extended its geographic reach beyond the Carolinas to other parts of the Southeast, including Georgia and Tennessee. Its portfolio also includes multi-family communities in the Mid-Atlantic region, as well as Ohio, Pennsylvania and Utah.