Property Summary
The Isley is a premier, 332-unit, garden-style apartment complex located in the high-growth North Charleston, South Carolina submarket. Constructed in 2023, all units offer best-in-class finishes such as modern white cabinets, pendant lighting, subway tile backsplash, stainless steel appliances, and granite countertops.
The Property consist of approximately 16 acres of land, upon which is situated 11 three-story buildings and two one-story buildings. The Property boasts a luxurious amenity package, including a designer clubhouse with full coffee bar, shuffleboard table, meeting space, resort-style pool with sun deck, 24-hour onsite community room, state-of-the-art fitness center, dog park, and outdoor entertainment area, creating a sophisticated ambiance that attracts a high-income demographic.
Location Summary
The Property is proximate to a variety of retail establishments, including a Publix-anchored grocery center and more than one million square feet of other retail, restaurant, and entertainment options along I-26 such as Target, Walmart, Home Depot, and Tanger Shopping Outlets of Charleston. In addition, the property is just a 30-minute drive from the historic sites of downtown Charleston and popular beaches (Isle of Palm, Folly Beach and Sullivan’s Island).
Market Summary
North Charleston and the broader Charleston Metropolitan Statistical Area (“Charleston MSA”) are experiencing significant economic growth and diversification, driven by a combination of strong employment and population increases, particularly within key sectors such as aerospace, automotive, healthcare, and defense. This growth is significantly bolstered by the Port of Charleston, the seventh busiest port in the United States in 2023 and the second busiest in the Southeast. The port has been a pivotal factor in expanding the region’s advanced manufacturing sector by over a third since 2013, attracting major employers such as Volvo, Mercedes Benz, and Boeing. Charleston’s labor market continues to outperform with an unemployment rate of 2.4%, well below the national average of 3.9%. From 2012 to 2022, employment in the Charleston MSA surged by 27.7%, nearly doubling the national average of 13.9%. This growth has been particularly pronounced in the Information and Financial Activities sectors, which saw gains of 49.9% and 38.5%, respectively, highlighting Charleston’s dynamic and diverse economic landscape.
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