A high-profile downtown Charleston student housing development recently exchanged hands in a multimillion-dollar deal.

A Sullivan's Island-based company named 400 Meeting CMB, LLC, has purchased the 400 Meeting Street Apartments development at Meeting and Reid streets for $18.4 million, according to Charleston County property records.

Patrick Marr, an official at 400 Meeting CMB, was not immediately available for comment this morning.

The development was previously owned by Greenville-based Collegiate Hall Meeting Street, LLC.

The 400 Meeting Street Apartments houses 42 apartments and a parking lot between the apartments and nearby homes on Nassau Street. The property opened last year and touted rents starting at $850 a month per bedroom.

The 1.17-acre development is one of several new apartment developments aimed at lessening the shortage of student housing on Charleston's peninsula.

The 400 Meeting project was initially planned in 2004 to house a mixed-use development of 59 condos. But that changed and the overall project was scaled back following a series of hiccups due to higher-than-expected construction costs and the housing meltdown.

Last year, the project raised some ire among local residents who were against the student housing.