FUNDRISE CLOSES ON CHARLESTON MULTIFAMILY DEVELOPMENT FOR $54.6 MILLION
Leading Investment Platform Expands Multi-Family Portfolio with Purchase of Highland Exchange from Atlanta-Based Hathaway Development
CHARLESTON, SC—Capstone Apartment Partners has brokered the $54,648,000 sale of Highland Exchange: a 276-unit new construction apartment asset situated just off Interstate 26 in North Charleston, South Carolina.
Newly completed in 2020, Highland Exchange is approximately 95% leased. The asset is located on Rivers Ave—adjacent to the new $10 million, 75,000 square-foot, Charleston VA Outpatient Health Annex that opened in June of this year. Additionally, Highland Exchange is located less than 15 minutes from some of Charleston’s largest employers including Boeing, Daimler Mercedes-Benz Vans, Joint Base Charleston, Charleston International Airport, and Bosch’s Charleston plant.
Capstone’s Eric Liebich and Ron Corrao facilitated the sale of the property between the developer, Atlanta-based Hathaway Development, and Washington DC-based Fundrise, America’s largest direct-to-investor real estate investment platform.
“The sale of Highland Exchange represents the completion of a successful development and lease-up by the Hathaway team,” said Liebich. “The acquisition also positions Fundrise nicely, with the property poised for future organic growth as jobs, mass in-migration, and investment all continue to flow into Charleston and the surrounding MSA.”
“Fundrise is thrilled to be acquiring another high-quality asset in one of the most rapidly growing submarkets in the Southeast US,” said Ben Miller, CEO and Co-Founder of Fundrise. “With the strong demand drivers within the Charleston MSA and the ideal location of Highland Exchange, this acquisition represents another unique opportunity for our investors to diversify and expand their portfolios.”
Highland Exchange is comprised of four-story garden-style apartment buildings, as well as carriage home units with one-car garages. Each apartment features wood-style vinyl flooring, granite countertops, subway tile backsplash, ceiling fans, walk-in closets, garden tubs, washer/dryer connections, and a patio or balcony. Community amenities include a swimming pool with tanning ledge, clubhouse, fitness center, business center, picnic/grilling area, pet park, and private garages and storage units.
“We’re happy to close the sale of another successful multi-family development,” said Hathaway President, Daniel Hathaway. “The sale of Highland Exchange allows us the ability to stay nimble while continuing to grow within the markets we’re targeting for new projects across the Southeast.”
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
Fundrise is America’s largest direct-to-investor real estate investment platform. Since 2012, our mission has been to use technology to build a better financial system for the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private real estate—all at the touch of a button. To date, we’ve transacted over $5.7 billion worth of real estate, including over 20,000 multifamily units in 25 states and currently manage approximately $1.5 billion in equity, on behalf of our more than 150,000 active investors. You can learn more about the future of real estate investing at Fundrise.com.