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23 new apartment projects on the rise in Charleston area

Avalon Apartments on James Island (copy)

The 273-unit Avalon apartment project on James Island is being built on Maybank Highway at a cost of $33.3 million, one of several multifamily developments rising across the Charleston region to handle the influx of new residents in the hot job market. It's expected to open by next spring. Warren L. Wise/Staff

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23 new apartment projects on the rise in Charleston area

Developers continue to flock to the booming Charleston market to build new rental housing as 23 new communities are under construction, according to a new report.

The number of proposed units increased over the past six months through September to 6,030, with most of them in Mount Pleasant and Charleston's upper peninsula, Charlotte-based apartment service Real Data reported.

Several others are under construction across the region in almost every suburb.

Demand still remains strong as apartment occupancy jumped nearly 2 percent in the region to 91.2 percent over the past six months through September.

About 1,250 units were added to the supply during the same time frame. Rents also increased over the past 12 months to an average of $1,276 per month, up from $1,242 one year ago in September. Charleston's average rental rate is the highest in South Carolina and higher than Charlotte.

Going into 2020, new supply is projected to exceed demand, and rental rates are expected to hold steady over the next year as communities vie for renters.

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Huger apartment construction.jpg (copy) (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

Unfinished apartment project sells for $60M

Huger St Apaprtment.jpg (copy) (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 191-unit New Market Square Apartments rising off Huger Street near Palmetto Brewing Co. recently changed hands. A New York City firm that has other holdings in the Charleston area now owns the multifamily structure.

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By the numbers

2: Number of dollars in billions raised by Charleston apartment giant Greystar for new acquisitions. 

176: Number of new upscale apartments up for final approval at the base of the Ravenel Bridge in a project called Legacy Patriots Point in Mount Pleasant.

167: Address on East Bay Street for new Brazilian Steakhouse called Galpão Gaucho that will take over the short-lived Tradd's restaurant space.

This week in real estate

+ Corner sold: A prominent corner in a food desert on North Charleston's southern end is sold for a convenience store, not a grocery store.

+ New grocer: Publix announces opening date for its fourth new supermarket or specialty store in the Charleston area this year. It's coming to James Island.

+ More multifamily: About 260 new apartments could soon be added to Columbia's BullStreet redevelopment project where mental patients were once housed.

Historic inn tied to Declaration of Independence signer hits the market for $8.3M

Governor's House Inn front exterior (copy)

The Governor's House Inn at 117 Broad St. is on the market. Provided/Handsome Properties

Built around 1770, the Governor's House Inn on Broad Street in downtown Charleston is on the market for $8.3 million. Edward Rutledge, the youngest signer of the Declaration of Independence, once lived there. Photo provided

Upcoming real estate events

  • Real estate course: License law and practicing are part of a class being offered for real estate agents by Charleston Trident Association of Realtors; 9 a.m.-1 p.m. Nov. 13.

  • Home ownership classes: Origin SC offers classes for first-time homebuyers along with budgeting and other tips; Various times and dates, starting Nov. 14. and throughout the month at different locations.

Charleston-area transactions

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

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