Mount Pleasant will welcome a new high-end rental within six months, the first sizable apartment complex to be built east of the Cooper in years.
Executives and managers involved in Woodfield Long Point held a groundbreaking ceremony Oct. 20 at the site off Wando Park Boulevard, north of Long Point Road and visible from Interstate 526.
Virginia-based Woodfield Investments Inc. is the developer. Greystar, which is headquartered in Charleston, will be property manager of the 258-unit apartment complex.
Woodfield Long Point will join two other properties by the same developer, Woodfield St. James in Goose Creek and Woodfield South Point off Savannah Highway west of the Ashley.
The company’s decision to build in Mount Pleasant marks a renewed interest in leased properties east of the Cooper. There have been a few apartment communities raised in the past two years in Berkeley County and in suburban Charleston, primarily for seniors and lower income families.
The groundbreaking comes as a national trade group reports a rise in multifamily construction nationwide.
“Increased demand for rental housing has led to a considerable uptick in multifamily construction,” according to the National Multi Housing Council’s latest quarterly survey of apartment market conditions.
Among rental industry specialists who responded, 67 percent noted considerable activity in either apartment plans or actual construction in their communities.
One in five say “developers are breaking ground on new projects at a rapid clip.” Another 47 percent see a jump in pre-construction activities such as acquiring land, lining up financing and getting building permits.
Still, more than half of the respondents believe new development is well below demand.
“Powerful demographic trends along with changing attitudes about homeownership and tighter mortgage underwriting continue to drive a shift toward renting, which is fueling a ramp-up in new construction,” says Mark Obrinsky, the council’s chief economist.
”Overall, the apartment market continued its healthy growth, although there is some evidence of a slowdown,” he says. “As long as the economy continues to generate jobs, the apartment upswing should remain on track.”
Based in Washington, D.C., the multi-housing council describes itself as a national association representing the interests of the larger and most prominent apartment firms in the United States.
For more information, contact the council at 202-974-2300 or visit its website at www.nmhc.org.