PARSIPPANY, NJ - Prudential Real Estate Investors and Greystar have formed a joint venture to develop a 200-unit Class-A, mid-rise luxury apartment community in downtown Charleston, S.C. PREI is the real estate investment management and advisory business of Prudential Financial, Inc.
PREI is acting on behalf of German investors. Greystar, which operates its national headquarters just under 1.5 miles from the project, will develop, construct and manage the property.
Located at the southernmost corner of Meeting and Spring streets, the mixed-use project will further define the Upper King Street District, which has emerged as Charleston's premier area for dining and entertainment, attracting many young professionals and students.
"The continued strength of multifamily properties amid the current economic environment, combined with the many attractions of downtown Charleston and the Upper King Street District provides a terrific opportunity for our clients," said David Pahl, a managing director with PREI. "Our joint venture with an experienced organization like Greystar, combined with the excellent location, should provide for a very solid investment for our investors."
"It's a thrilling opportunity for our firm to provide a truly best-in-class project in our own back yard," said Bob Faith, founder and CEO of Greystar. "The barriers to entry in the historic district of downtown Charleston couldn't be any higher; this will be the first institutional-sized rental project to deliver downtown in well over 25 years."
Located on Meeting Street near S.C. Highway 17 and the terminus of Interstate 26, the project is situated in Charleston's Old and Historic District along a gateway entrance to the Central Business District, which is home to the area's finest restaurants, hotels, universities and employers. The 1.77-acre project consists of 200 residential units sitting above 6,887-square-feet of ground floor retail and two levels of podium parking. Studios, one-bedroom and two-bedroom apartments will be available with 15 percent of the units eligible for reduced rental rates. The project will benefit professionals and area residents seeking a more urban lifestyle as well as graduate students attending the Charleston School of Law, Medical University of South Carolina, The Citadel and the College of Charleston.
Greystar is a fully integrated company offering expertise in multifamily management, development and investment throughout the United States. Greystar was founded in 1993 with the intent to become a provider of world-class service in the multifamily real estate business. Greystar's innovative business model integrates the management, development and investment disciplines of the multifamily industry on both national and local levels. Headquartered in Charleston, S.C., Greystar manages over 190,000 units in 100+markets with a team that is more than 5,000 strong and growing. Greystar has invested approximately $3 billion in multifamily investments since its inception.
PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Parsippany, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, Lisbon, London, Luxembourg, Madrid, Munich, Paris, Abu Dhabi, Istanbul, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Singapore, and Tokyo. In addition, the company has representatives in Milan and is establishing a presence in Sydney, pending regulatory approval. As of September 30, 2011, PREI managed approximately $48.6 billion in gross real estate assets ($30.3 billion net) on behalf of more than 490 clients worldwide.