Unveiling Charleston's Best-Kept Secret: Magnolia Development Teaser! 🏡 Be the First to Know! 🚀

Author

Paul Kelton
February 14, 2024

IN THE NEWS


Publicly traded Dream Finders Homes Inc. has acquired the core homebuilding assets of privately held Charleston based homebuilder, Crescent Homes, according to a news release.

Crescent has 457 homesites in varying stages of construction, a sales order backlog of approximately 460 homes with a value in excess of $265 million, and approximately 6,200 lots under control, the release stated.

For more information 
https://charlestonbusiness.com



 PAUL'S MARKET PHILOSOPHY

One development that has caught my attention, and the attention of many others in Charleston, is the Magnolia Development on the neck of Downtown Charleston. 

Spanning across 200 acres of land, this development project is breathing new life into former industrial sites that required extensive consolidation and cleanup due to industrial contamination. With its elevated and dry terrain, the city has long set its sights on this property as a potential solution to Charleston's housing accessibility challenges. If you missed my discussion on this topic last week, you can catch up by reading the article here.

The location of the Magnolia development couldn't be more ideal. Situated just north of Peninsula Charleston, it boasts excellent connectivity, being adjacent to I-26 and the major thoroughfares of North Charleston, including Hwy 78, Spruill Ave, and Dorchester Rd.

What can you expect from the Magnolia development? Well, it's set to offer a diverse mix of amenities, including apartments, offices, stores, restaurants, and parks along the picturesque Ashley River, bridging the gap between downtown Charleston and North Charleston. Additionally, there will be several entertainment venues and a marina, with the Parker Heights Marina poised to become a public waterfront gem, featuring 15 boat slots catering to recreational boaters, along with options for short-term, seasonal, and annual dockage. And for the kayaking enthusiasts, a dedicated kayak dock is also on the agenda.

Once completed, this housing project is projected to accommodate over 10,000 residents, with at least 15% of the housing designated as workforce housing—addressing a crucial need in our community.

As for the timeline, we anticipate full completion by late 2028, with the first and second phases slated to open prior to that. Given the challenges posed by previous environmental contamination, it's taken a couple of decades to reach this stage, but we're now approaching the final steps of this remarkable transformation!

Don't wait until the cranes start going up—seize the opportunity now to position yourself for success. Reach out to me today to discuss how you can leverage Magnolia Development for maximum returns.

Is this stuff interesting to you? I welcome feedback every week. 

New Deals

208 Sugarhouse Ct - is a 36 unit (5 building) townhome community located in Berkeley County, SC. The townhouses are located within the “Strawberry Station” neighborhood, a single family neighborhood developed by national home builder Ashton Woods. The property is surrounded by new residential developments of Spring Grove Plantation, Cypress Preserve, and The Village at Fairmouth South totaling roughly 2,500 new homes. Nearby commercial developments include The Village at Foxbank, a large retail center located within the master planned 2,800 home community of Foxbank Plantation, as well as a new Publix-anchored shopping center, “The Groves of Berkeley.” This portfolio is showing an NOI of $404,665 with a ProForma of $444,696. Asking $6.15 million. See here for the offering memorandum.

165 Rutledge Avenue - is currently occupied as 5 residential units and is primarily leased to MUSC students, rarely having a turnover. The property has had one vacancy in the past 3 years. The property is in close proximity to MUSC, Ashley Hall, College of Charleston and Charleston School of Law. Shopping, Restaurants, and nightlife are all a short walk away. The property has 9 bedrooms and 8 bathrooms with parking for 8 vehicles. It is located in the STR Cat 1 zone (allowing for possible 1 unit as STR), amongst other potential mixed uses.

As of this week there has been 1 new contingent but no closed properties.

407 Catawba Drive - is a portfolio of 16 Residential Single-Family Homes in Summerville, SC. Currently rented below market rents, this portfolio is showing an NOI of $196,807 with a ProForma of $230,550. See here for the flyer.

The below list contains every single multifamily property (5+ units) being publicly marketed in Charleston that we have compiled from LoopNet, Crexi, Costar, and 2 different multiple listing services.

Should any of these properties interest you, please do not hesitate to reach out to us directly. We would be more than happy to provide you with the additional information we have on file.