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Nearly $60M paid for unfinished Charleston apartment building near Palmetto Brewing

Huger apartment construction.jpg (copy)

Work continues on the New Market Square Apartments on Huger Street on the Charleston peninsula near Palmetto Brewing Co. The new development recently sold for nearly $60 million. Grace Beahm Alford/Staff

An unfinished apartment building on the Charleston peninsula near Palmetto Brewing Co. has changed hands for nearly $60 million, or more than $313,000 a key.

The 191-unit New Market Square, being built off Huger Street next to Interstate 26 and near an on-ramp to the Ravenel Bridge, fetched $59.8 million in late October, according to Charleston County land records.

An affiliate of Charlotte-based White Point Partners called Huger Street Holdings sold the new five-story complex on 2.4 acres to New Market Apartments LLC, an affiliate of Sentinel Real Estate Corp. in New York City.

A representative of Sentinel did not respond for comment about the purchase.

Developer Ryan Hanks said construction is expected to be wrapped up by year's end.

Huger St Apaprtment.jpg (copy)

The unfinished New Market Square Apartments on Meeting Street on the Charleston peninsula beside Palmetto Brewing Co. recently changed hands for nearly $60 million. Grace Beahm Alford/Staff

The finished building will include one- and two-bedroom units ranging from about 740 to 1,053 square feet.

Sentinel's website shows it owns three apartment communities and a commercial property in the Charleston area.

In 2015, the investment firm bought the office building at 3955 Faber Place near Leeds Avenue and Interstate 526 in North Charleston for $13.05 million.

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That same year, it purchased through an affiliate the 258-unit Windward Long Point Apartments near Long Point Road and I-526 in Mount Pleasant for $55.5 million.

In 2017, Sentinel bought the 172-unit Centre Pointe Apartments along I-526 near Tanger Outlets in North Charleston for nearly $36.7 million.

New Market Square Apartments (copy)

The 198-unit New Market Square Apartments under construction on Huger Street on the Charleston peninsula next to the Ravenel Bridge on-ramp to Mount Pleasant recently sold for nearly $60 million. Provided rendering/Cline Design Associates

Sentinel manages about $7 billion in real estate assets in the U.S. and abroad. Its portfolio includes 25,000 apartment units and 4.8 million square feet of commercial real estate.

Another apartment development is rising next to New Market Square. The Porter will include seven stories and include 118 units at 577 Meeting St. The same developer of New Market Square is involved in the neighboring $34 million project.

A warehouse behind a row of single-story buildings along Meeting Street was recently demolished to make way for The Porter, which is just north of the multistory Summit Place and Five Eleven Meeting apartments. The Porter is south of Meeting Street Lofts and what was called East Central Lofts.

Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.

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