A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Greystar, a leading, fully integrated real estate company with expertise in investment management, development, and property management, today announced they will be developing ‘Montague Corners’ – a 336-unit multifamily development project in North Charleston, South Carolina.
Montague Corners will be situated immediately off I-526, just southwest of the soon to be expanded I-26/I-526 interchange – providing seamless commuter access to all areas of the Charleston metropolitan area. The community will be strategically located at the epicenter of the rapidly growing market, just two miles from Charleston International Airport, one mile from the North Charleston Coliseum and Performing Arts Center, and three miles from Joint Base Charleston.
The project is expected to break ground in October 2022. The first units are anticipated to deliver in Q1 2024, with construction expected to be completed during the summer of 2024.
“Charleston has displayed incredible economic resilience since the start of the pandemic, benefiting from consistent in-migration resulting in impressive job and population growth,” said Paul Doocy, Co-Head of CP Capital. “We are proud to continue our partnership with Greystar to deliver Montague Corners and consistently generate value for both our partners and the communities where we invest.”
Montague Corners will feature an expansive pool with outdoor entertainment, co-working spaces, a fully equipped fitness center, and charming lounge areas as well as upscale interior finishes such as stainless-steel appliances, stone-surface countertops, and vinyl wood flooring.
The three-story, surface-parked community will also benefit from its proximity to the Tanger Outlets, an open-air shopping destination, and the Park Circle area, a burgeoning hub of eclectic retail and dining options. Immediately south of Park Circle, Jamestown plans to redevelop a 45-acre site into a mixed-use project consisting of 1.2 million square feet of office space, residences, shopping, dining, and a concert hall.
“We are thrilled to continue developing multifamily spaces in the high-performing Charleston market, and could not ask for a better partner in CP Capital,” said Ben Liebetrau, Greystar Managing Director, Carolinas. “Montague Corners’ combination of a convenient, central location and best-in-class amenities will provide renters with the perfect environment for their modern lifestyle, and allow the Greater Charleston area to continue its already impressive growth.”
CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on five development projects in the past, most recently the Brighton Park Apartments in Brighton, Colorado.