Fund III

511 Meeting

Charleston,

SC

Total Required Equity
$1,700,000
Asset type
Multifamily
Investment Objective
Development
Investment Date
May 2017
Projected IRR
18.00%
Projected Net Multiple
1.86x

Investment Summary

We provided joint venture equity for the development of 511 Meeting, a 221-unit, multifamily community located at the intersection of Walnut Street and Meeting Street as part of the highly acclaimed Upper King Street District. 511 Meeting is a podium-style commercial real estate apartment building with parking garages on the first two levels, followed by four floors of apartment units on the east side of the building and six floors of apartment units on the west. The apartment units wrap around a pool and lounge area and the property contains 2,000 square feet of retail space on the ground level, providing additional amenities and convenience for residents and the local neighborhood.

Charleston’s high quality of life and geographic positioning on the Atlantic Ocean has made it an important and fast growing economic center, bolstered by its traditional market drivers such as the Port of Charleston and military presence, in addition to growth in new dynamic industries such as aerospace and aviation, biomedical, and energy systems. The city’s focus on supporting various advanced target industries in addition to its built-in locational advantages has created one of the most diverse markets in the country.

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