Multifamily real estate firm will build 155 single-family townhomes in growing Charleston suburb at Bees Ferry Road as part of expanding Storia platform
CHARLESTON, S.C., July 28, 2022 /PRNewswire-PRWeb/ -- RangeWater Real Estate has closed on 17 acres at Bees Ferry Road and Bluewater Way in the vibrant West Ashley community, in Charleston, S.C.
The multifamily developer is planning an all 3-bedroom, 2-bath community of townhomes called Bellerose at Bees Ferry, a Storia neighborhood. The beautifully appointed homes will have one-car garages, 9-foot ceilings, gourmet kitchens with top-end appliances and stone countertops. The community will feature an open-air club house, pool, firepits and planned events to delight residents.
"We're excited to be part of the thriving West Ashley community," said Palmer McArthur, RangeWater's Managing Director of the Carolinas and Tennessee. "The city of Charleston is investing in Plan West Ashley to support this area as a future employment node and commercial hub."
Charleston Parks Conservancy is planning The West Ashley Greenway & Bikeway and the Charleston International Airport is less than a 20-minute drive away.
"Charleston is one of our favorite places to develop because of the lifestyle and economic opportunity here," said Steven Shores, Chairman and CEO of RangeWater. "Residents are attracted to the beautiful beaches and waterways of this area, as well as Charleston's historic charm and plentiful jobs. We're proud to bring a Storia neighborhood to best serve this demographic."
RangeWater closed on the 17-acre property and will break ground in August. First move-ins are slated for October 2023. Bellerose at Bees Ferry will be convenient to parks, waterways and popular destinations like Edisto River Brewing Company and Southern Roots Smokehouse.
"The real work begins now," added Matthew Beck, RangeWater development director for the Charleston and Nashville. "Our team's ability to immerse ourselves in the fabric of an existing neighborhood is a defining quality in our process, and one we very much look forward to delivering on."
Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio.
RangeWater's Storia division is deploying more than $800 million in capital across the Sun Belt to build homes for rent (also known as BTR, or build-to-rent). RangeWater launched its first Storia properties in Georgia and has several thousand BTR units in the pipeline, with new communities under development from Atlanta in the Southeast to Boulder, Colorado, in the Mountain West to San Antonio and Fort Worth, Texas in the Southwest.
Today, BTR is more than 15 percent of RangeWater's portfolio. The company has been awarded 95 projects representing 12,488 homes in communities across the country under management or development in 64 cities in 11 states for more than 28 clients.
Bellerose at Bees Ferry will be the company's first Storia project in S.C., though RangeWater is active in the Charleston region with conventional multifamily properties. The company recently built and sold The Merchant, an award-winning community in a historic Charleston neighborhood that included 18 buildings spanning several city blocks. RangeWater has 11 communities under management in the state.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 20,000 multifamily units since its inception in 2006 representing in excess of $6.3 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 86,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver, Tampa and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit http://www.liverangewater.com/LiveRangeWater.com.
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SOURCE RangeWater Real Estate
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