CHARLESTON, SC - Federal Capital Partners announced the acquisition of East Central Lofts in Charleston, SC through a joint venture with Kane Realty Corporation, Randolph Development and Canongate Capital. East Central Lofts is comprised of 72 studio, one and two-bedroom loft apartments featuring floor to ceiling windows and dramatic views of Charleston.
The joint venture is also considering the opportunity to develop the adjacent parcel into additional Class A apartment units and street-level retail.
"FCP is excited to be an early mover on Charleston's fast growing Upper Peninsula," said Peter Smyth of FCP. "Our plans for this community and the adjoining development opportunity will benefit from the expertise of our partners, Kane Realty, Randolph Development and Canongate Capital."
"We're excited to work with Kane and FCP, two outstanding firms who own and manage quality properties in Charleston, and other Southeast markets," said Canongate Capital Managing Partner, Walker Brock.
T.J. Barringer, Development Director at Kane Realty added, "East Central Lofts represents an exceptional opportunity for Kane to establish its presence in Charleston through the ownership and management of East Central Lofts as well as the future development of additional residences. We look forward to continuing our established relationship with FCP through this exciting development in Charleston."
East Central Lofts is less than a mile north of Midtown, the new economic, dining and entertainment hub of the Charleston Peninsula. The community is well located next to the Ravenel Bridge, providing immediate access to I-26 and Highway 17 as well as the primary city thoroughfares of Meeting and King Streets.
Source: Federal Capital Partners / #Apartments #Multifamily