Development
In Charleston, SC we have developed 283 Class A multifamily units on 15.9 acres of land located along the west side of Clements Ferry Road on Daniel Island. The project consists of 8 apartment buildings with 3-4 stories and 5 carriage home buildings (units above private garages) with a clubhouse and surface parking. The equity of approx. $19M was raised by Dutch investors.
Project Summary
| Developer | Westplan Investors |
| Project | Accent Daniel Island |
| Property Name | Accent Overlook |
| Closing Date | June 18, 2019 |
| Development Budget | $48,6M ($171K/unit) |
| Loan SunTrust Bank | $29,5M |
| Equity | $19,1M |
| Final Equity Multiple | 2,2 |
| Final IRR per year | 39% |
Strategy
Our strategy is “build, fill and sell”. We develop the complex, lease the apartments and then sell to an end buyer when the occupancy is stable. Generally, the process takes 3 to 4 years.
Operation
This project faced delays caused by COVID-19. It was challenging to schedule construction due to inspections by government and unpredictable delivery of construction materials.
Result
The sale of the property to VTT Holdings closed on November 10, 2021. The final sales price was $76,976,000 or $272,000 per unit. It was sold significantly faster than expected due to the high demand for multifamily units from both tenants and end buyers.
