Northland Buys Charleston Luxury Development
Completed in 2020, the mixed-use property includes retail space and provides access to major transit hubs.
Northland has completed its purchase of 511 Meeting, a 221-unit luxury multifamily community located at 511 Meeting St. in Charleston, S.C. Northland’s acquisition of the development is its third transaction in the Charleston area. CBRE represented the seller, and the sale was negotiated for an undisclosed amount.
511 Meeting was completed in 2020 by former owner Spandrel Development Partners and holds a 3,800-square-foot mix of studio, one- and two-bedroom apartments, according to CommercialEdge data. The building’s construction is subject to a $59.2 million loan, the same data shows. Amenities include 2,960 square feet of retail space, a resident lounge, a fitness center, a bike storage area and a pool deck with a fire pit and grilling area. Situated between Charleston’s North Meeting and Upper King neighborhoods, the development is within a block of the city’s King Street district, which hosts many of the city’s top retail, art and dining attractions.
Charleston’s continued success
Charleston’s multifamily market is undergoing a period of stable, sustainable expansion, as the city experiences even growth of supply and demand. The city is ranked eighth in the nation for renters, with an occupancy rate of 94.4 percent, according to data from RentCafe. The city has 4,892 new units under construction and a quarterly absorption of 655 units, a solid increase over the past two years, according to a second-quarter 2022 report from Colliers International.
Acknowledging the property’s location and context, Northland Director of Investments Bruno Setteducati told Multi-Housing News, “As population growth continues to decelerate on a national level, Charleston has averaged approximately 2 percent annual population growth over the last several years, largely catalyzed by an affordable cost of living, moderate climate to accommodate active lifestyles and an increasingly business friendly government that has drawn growing companies and their talent pool to the area.”
Other recent Charleston-area undertakings include Fogelman Properties and Thackeray Partners’ joint acquisition of Westbury Mews, a 132-unit market rate rental property, as well as Armada Hoffler’s sale of a 357-unit student housing community.