Developer HHHunt Corp., entered the Charleston region’s home-building market in 2010 and has built homes in developments such as The Ponds in Summerville.
Now it’s retooling. The Blacksburg, Va.-based company as recently shed its local single-family operation to focus all efforts on growing its multifamily business in the area.
The move coincides with some management changes for the company, which is bolstering its focus on its stronger residential markets in Virginia and North Carolina, said spokeswoman Jill Crews.
“It wasn’t in our strategic plan at the moment,” said Crews, who added that competition from larger home builders in Charleston played a role in decision.
“It’s hard when you have big national (builders) to compete with, and that’s always difficult,” Crews said.
The company is developing the 320-unit Abberly Crossing apartment community across from Joseph R. Pye Elementary School on Patriots Boulevard in Ladson. HHHunt also developed the 212-unit Abberly at West Ashley apartments next to Costco and the Spring Arbor at Daniel Island senior living complex.
“We’re active in the multifamily market and would like to do more,” Crews said.
HHHunt has a portfolio of over 7,000 apartment homes in the Carolinas, Virginia, and Maryland, according to its website.
Its decision to home in on the region’s multifamily market comes as thousands of apartments are in the works by numerous developers.
Real Data, a Charlotte-based firm that tracks the local multifamily market, reported a slip in the region’s rental occupancy rate as more developments are completed.
Its March report said that demand was flat for Charleston-area apartments since September and that the occupancy rate had edged down to 91.7 percent. The firm has said the rate for the region “will likely experience a slight decline going into 2014 as nearly 2,500 units come online.”
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.
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