Multifamily market projected to stay strong for years to come
It’s hard not to notice the sea of new apartment developments throughout the region.
The Lowcountry’s multifamily buzz is in line with a nationwide trend, and a recent report says it’s going to stay that way for the next several years.
Financial group TD Bank recently reported that the Eastern Seaboard’s housing recovery has been largely dominated by the multifamily sector. That goes for everything from price growth to construction activity, according to the report.
The recession and housing crisis turned many homeowners into renters. Investors responded to that trend by adding new rental units.
“Given limited upside to the current homeownership rate, 35 percent of new households are expected to be renters, which typically live in multifamily dwellings,” according to the report.
That’s encouraging news for the Lowcountry since there’s been a steady stream of new apartments announced so far this year.
One recent example: Simmons Park, a 269-unit project that Spectrum Properties Residential of Charlotte and Spartanburg-based Pacolet Milliken Enterprises are building near Seven Farms Drive and River Landing on Daniel Island.
That 5.6-acre development is projected to be ready for occupancy by mid-2015, officials have said.
That adds to the dozen other apartment projects in various stages of construction that would add more than 2,700 new units to the market when completed, according to a midyear report by commercial real estate firm Colliers International.
Regal real estate
Charleston could be getting some royal treatment.
Better said, there’s a chance that a Charleston development could be a product of Britain’s Prince Charles.
Representatives for the HRH, The Prince of Wales, Prince’s Foundation toured Charleston earlier this month, scouting locations for potential real estate developments. The prince founded the organization 25 years ago to invest in sustainable real estate projects.
The officials canceled a meeting with local media last Monday, citing a personal issue that forced the contingent to leave early. The group is promising to return to Charleston before the year is over.
The organization forms partnerships to help design and build attractive and sustainable homes, workplaces and communities, officials said.
The Charleston partnership is with Luxury Simplified Group, a downtown Charleston firm that specializes in architecture, restoration and real estate.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.