Camino Verde Group (CVG) has acquired the Anchor Center Apartments in North Charleston, South Carolina. This marks our first property on the East Coast.
Property Details
Anchor Center is located on a 3.67-acre lot that includes a historic 158,000 square foot Navy office building and vacant land in the Metro Charleston area. Located at 2260 Noisette Boulevard, the property is within walking distance to Riverfront Park, which is home to the Greater Charleston Naval Base Memorial, the Eternal Father of the Sea Chapel and a favorite year-round destination for festivals and concerts. Anchor Center’s central location also offers convenient access to Downtown Charleston.
Neighboring the property is Navy Yard Charleston, an expansive project acquired by international real estate development firm Jamestown. Jamestown is known for the redevelopment of Ghirardelli in San Francisco, Ponce City Market in Atlanta and the Chelsea Market in New York City. The firm plans to create a 1.2 million-square-foot mixed-use neighborhood that includes office space, residences, shopping, dining, new green spaces, a concert hall and an outdoor events venue.
About North Charleston
North Charleston is the third largest city in South Carolina and rapidly expanding because of its low tax base and new shipping port. The Metro Charleston area has experienced a recent influx of high-profile manufacturing companies like Boeing, Volvo, and Mercedes-Benz. Other major industries like tech, shipping and engineering are also making the move to Charleston. Demand for apartments has outpaced new supply in recent years.
Why We Acquired This Property
1. The central location and combination of both employment and entertainment centers make this the ideal destination for a vibrant multifamily development.
2. The neighboring soon-to-be-developed 1.2 million square foot luxury mixed-used community makes our property even more valuable.
3. Anchor Center also comes with several valuable assets, including a 158,000 square foot steel and concrete structure with 13.5-foot floor to ceiling heights, $16 million in potential Historic and Abandoned Building tax credits to sell and developable vacant property worth more than $4 million.
Our Vision
We are breaking our project into three phases:
1. Property acquisition and finalize design and engineering
2. Redevelop existing six-story building
3. Develop adjacent land
CVG plans to restore the six-story building into a multifamily development with dining and retail on the first floor and 118 units on levels 1-6. We will then develop the adjacent land into another mixed-use development that supports an $87 million, eight-story building with 295 units that stabilizes at $123 million in a few years.
Our Projections
We expect this project to be stabilized within the next two years. We will then refinance the property and expect investors to get 100 percent of their original investment back while retaining interest in the property.
This acquisition further exemplifies our firm’s investment strategies focused on markets with strong fundamentals and economic growth.
If you are interested in learning more about the Anchor Center Apartments project, reach out to me at kevin@caminoverdegroup.com.
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