Monday Properties Breaks Ground on 338-Unit South Carolina Community
The company’s third project in the Greater Charleston area is slated for a 2024 completion.
Monday Properties, in partnership with Glenmont Capital Management, has broken ground on The Willow, a 338-unit multifamily development in North Charleston, S.C. The company acquired the 20.3-acre site in November 2021 and Sandy Spring Bank provided $48 million in construction financing. Completion is expected in the first quarter of 2024.
The community will come online at 7562 Plantation Road, 2 miles from Interstate 26 and less than 7 miles from Charleston International Airport. The residents will have access to nearby dining, retail and entertainment options. Large employers such as Boeing and Daimler operate in the area as well.
Upon completion, The Willow will encompass five residential buildings with studio, one-, two- and three-bedroom floorplans and a 7,000-square-foot clubhouse. The Class A property was designed to include coworking and conference spaces, as well as amenities such as a saltwater pool, grilling cabana, pickleball court, dog park and 24-hour fitness center.
The Willow is Monday Properties’ third project in the Greater Charleston area. Managing Partner Timothy Helmig said, in prepared remarks, that the metro is part of the firm’s investment strategy that also targets acquisitions in multifamily markets such as Stamford, Conn., and Alexandria, Va.
In line with this approach, Monday acquired a 344-unit community in Stamford in partnership with Washington Capital. The company’s Virginia portfolio includes a recently completed 300-unit community in Alexandria; Monday Properties broke ground on the project in 2020.