Middleburg Communities to Develop 211-Unit Single Family Rental Community in Charleston, South Carolina
VIENNA, Va.--(BUSINESS WIRE)--Dec 21, 2022--
Middleburg Communities (“Middleburg”) today announced it has closed and plans to commence construction on a 211-unit single family housing community on an approximately 46-acre land parcel in Johns Island, South Carolina, one of the fastest-growing submarkets in the Charleston Metropolitan Statistical Area. Middleburg plans to leverage its in-house construction capabilities to transform the land into a vibrant neighborhood community that will offer individuals and families the opportunity to partake in the benefits of single-family living without the hassle of property maintenance and upkeep. The community, to be known as Hamlet Maybank, is a joint venture between Middleburg and Parse Capital (a subsidiary of The Wolff Company).
Hamlet Maybank will be a low-density multifamily development that will feature a mix of detached cottages, duplexes and townhomes with floorplans designed to cater to today’s active lifestyles. Middleburg plans to commence construction in early-2023, with units coming online beginning mid-2024. All homes in the community will feature best-in-class amenities with environmentally friendly designs and private backyards that will allow residents the opportunity to enjoy the outdoors – a luxury that is unavailable in most traditional multifamily developments.
“Hamlet Maybank promises to deliver an exceptional single-family living experience in the heart of one of America’s most active submarkets,” said Selim Tay-Agbozo, President of Middleburg Development. “The value proposition our Hamlet brand offers is unmatched – all of the comforts of home ownership with the ease and flexibility of renting and no down payment required – and that is why we are experiencing overwhelmingly strong demand in the other high-growth Southeastern markets where we are developing this prototype. We have no doubt we will experience similar interest at Hamlet Maybank, especially as more and more individuals choose to relocate to hotspots like Charleston and seek out traditional neighborhood environments to raise families.”
In addition to several high-quality interior features that Hamlet Maybank will offer, including spacious kitchens with islands, granite countertops and stainless-steel appliances, Bluetooth keyless entry, Nest thermostats and large walk-in closets, the community will also offer its residents a number of resort-style amenities, such as a freestanding clubhouse and pool, walking paths, tree-lined streets and professional landscaping. Floorplans will range in size from 785 to 1,694 square feet, with monthly rents starting at $1,930.
The proposed site of Hamlet Maybank, located at 2029 Harlow Way in Charleston, sits just 20 minutes from Downtown, more than 68,000 jobs and a number of the area’s main attractions, including beaches, golf courses, restaurants and nightlife. What’s more, given its natural beauty, welcoming lifestyle and economic development, Johns Island has experienced a 50 percent increase in population growth over the past 12 years and is projected to continue being a preferred destination for people of all ages.
Financing for Hamlet Maybank was provided by First National Bank.
About Middleburg Communities
Middleburg is a leading investment firm maximizing value through a fully integrated approach to the acquisition, development, construction and operations of high-quality attainable rental housing. Since 2004, Middleburg has acquired and developed more than 22,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.middleburgcommunities.com.
About Parse Capital
Parse Capital, a subsidiary of The Wolff Company, is a provider of joint-venture and preferred equity alongside sponsors for the development, recapitalization, and acquisition of residential communities within the United States. Since 2013, Parse has made over 75 investments for a total of $1.2 billion in equity deployed. The Wolff Company is a fully-integrated real estate firm that traces its legacy back to 1949. Wolff focuses its investment activity within the residential sector and has acquired or developed over 50,000 residential units since inception. For more information, please visit Parse at www.parsecap.com and The Wolff Company at www.awolff.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221221005318/en/
CONTACT: Middleburg Communities
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA SOUTH CAROLINA
INDUSTRY KEYWORD: BUILDING SYSTEMS OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING
SOURCE: Middleburg Communities
Copyright Business Wire 2022.
PUB: 12/21/2022 08:45 AM/DISC: 12/21/2022 08:46 AM