CHARLESTON, S.C. – Today, The Beach Company and ParkProperty Capital announced the groundbreaking of The Assembly, a new multifamily community in North Charleston, S.C. The Assembly multifamily development is part of the GARCO Park redevelopment located in the highly desired and walkable neighborhood of Park Circle.
The Assembly will offer 210 units featuring a mix of floorplans, including studio, one- and two-bedroom residential apartments. Unit features include stainless steel appliances, tile backsplashes, large walk-in closets, vinyl plank flooring and quartz countertops.
“The Beach Company is excited to commence construction on The Assembly, a Class A apartment community with unmatched amenities in the Park Circle neighborhood of North Charleston,” says Tim Cotter, Development Manager at The Beach Company. “We are pleased to partner with ParkProperty Capital and receive construction financing from First National Bank of Pennsylvania on this new development.”
Community amenities will include a resort-style pool, fitness center, yoga room, pet spa, co-working lounge, game room and walkability to the area’s most popular dining, retail and nightlife options. The property is also within close proximity of Interstate 26 and the Interstate 526 Corridor, which provides quick access to all the Charleston Metropolitan Statistical Area’s submarkets, including Daniel Island, Mount Pleasant and the beaches of Sullivan’s Island and Isle of Palms.
“We are excited to invest with such a high-quality developer in The Beach Company and grow our footprint in the Carolina’s,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our first investment in Charleston and Park Circle, where we see a lot of opportunity in this vibrant, historic neighborhood. This is also the second investment in our second discretionary fund, which invests in similar development opportunities throughout the major markets in the US Sunbelt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
The Assembly is scheduled to be completed in late 2024 with preleasing available in Summer 2024.
Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development and property management for more than 75 years. The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each development opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.
ParkProperty Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of over units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.
SCBIZtv is part of the SC Biz News family, serving 100,000 high-level business execs throughout South Carolina. Click for more from SCBIZtv.