Archive for December, 2015

Dec
07

7-Story Apartment Building Planned for Charleston

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apartments for rent signThe site of a proposed 264-unit, seven-story apartment building on peninsular Charleston has a new owner.

Huger Properties LLC, the same Spartanburg-based firm that sold the 72-unit East Central Lofts in April to E.C. Lofts LLC for $12.4 million, recently sold the adjacent 3.5-acre parcel at 601 Meeting St. for $6.1 million to the same company.

E.C. Lofts is comprised of two main parties — Maryland-based Federal Capital Partners and KBB 2015 LLC, which is made up of Kane Realty Corp. of Raleigh, Randolph Development of Charleston and Canongate Capital, an investment and asset management company in Charleston. The previous owner was Greg Atkins, president of Atkins Machinery in Spartanburg.

Plans call for the top five floors to serve as housing above a two-level parking deck with 387 spaces. About 16,000 square feet of retail space would face Huger and Meeting streets on the ground level. The 3,000-square-foot leasing office would sit on Huger Street.  The majority of units — 165 — will be one bedroom, according to the plans. Sixty-three two-bedroom units and 36 studio apartments round out the mix.

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Categories : Charleston
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Dec
07

Correlation Between Job Growth and Apartment Demand?

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Job Growth=Apartment Demand=Rent Growth is one of the basic equations in the apartment industry. It has been proven true time and time again, and once again in October, when the metro areas with the highest job growth were among those with the strongest annual effective rent growth, according to Bureau of Labor Statistics employment figures and Axiometrics apartment data.

Notice we didn’t say the highest job-growth metros have the highest rent growth. It is not a 100% correlation, and there are metros with lower job growth that have higher rent growth because of other factors.

The scatterplot chart below shows that a large percentage of the markets with job growth at or above the national rate of 1.9% in October (the horizontal solid line) outperformed the 4.9% national annual effective rent growth (the vertical solid line).

axio

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Categories : National News
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Dec
01

Upstate Building Permits on the Rise

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building-permitThere were more residential than commercial building permits issued in the third quarter in the Upstate, according to a report by Knoxville, Tenn-based Market Edge. The majority of the permits were issued in Greenville and Spartanburg counties. The report classified the Upstate as the counties of Abbeville, Anderson, Greenville, Greenwood, Laurens, Oconee, Pickens and Spartanburg.

Gary Splawn, permits administrator for Spartanburg County, said the number of permits issued depends on the time of the year.

“We usually see the numbers increase in the spring and continue strong through the summer,” he said. “And most of what we’re seeing in terms of residential permits are individual homeowners getting permits for additions to their homes.”

Eric Vinson, director of planning and code compliance for Greenville County, said the same process can be seen in Greenville County.

“The housing permits are definitely cyclical in nature, as we typically have higher levels of construction in the second and third quarters,” he said. “We have seen more residential renovation which explains the higher overall permit numbers.”

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Dec
01

Hotels, Senior Housing Announced for Charleston

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construction reflectionCharleston’s construction boom sees no signs of letting up. At least two new hotels and two more senior-care centers soon could rise in the Charleston area.

A 139-room Hampton Inn and Suites is under construction on Montague Avenue just off Interstate 26 in North Charleston. The $25 million project is being developed by Bennett Hospitality of Charleston, which is also building the new multistory hotel on the site of the former county library headquarters on King Street in downtown Charleston, next to Marion Square. Construction should be completed in early 2017, according to developer Mike Bennett.

In West Ashley, Palas Holdings LLC wants to build a 146-unit Home 2 Suites by Hilton Hotel on a nearly 4-acre site of the former AMF Triangle Lanes bowling alley at 1963 Savannah Highway. The company is associated with Jim Palassis, who owns Town & County Inn and Suites across the street from the site. Palassis is eyeing an opening in the spring of 2017.

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Categories : Charleston
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