Charleston, SC, August 29, 2025
News Summary
The Housing Authority of the City of Charleston closed on 1800 Ashley West, a 209‑unit garden apartment community in West Ashley, for $39.75 million. The sellers were Urban Landings and Stonemark Capital, represented by Northmarq’s Charlotte Multifamily Investment Sales team. Built in 1980 and offering a mix of classic and renovated one‑ and two‑bedroom units, the community includes upgraded finishes and standard conveniences. Amenities include a resort‑style pool, outdoor fitness area and pickleball courts, plus a clubhouse, dog park and playground. The public‑sector acquisition underscores demand for multifamily assets to expand workforce and community housing options.
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Despite challenges like rising costs and inventory concerns, regional and community banks are still drawn to a specific CRE asset class for construction loans.
While the competition from private lenders remains fierce, bankers say opportunities for collaboration are also a factor at play.
Housing Authority buys West Ashley garden apartments for $39.75M
The Housing Authority of the City of Charleston closed on a $39.75 million purchase of 1800 Ashley West, a 209‑unit garden apartment community at 1800 William Kennerty Dr., Charleston, South Carolina. The deal, completed in late 2024, transfers ownership from developers to a public housing agency and signals growing alignment between investors and government bodies focused on workforce and community housing in the Charleston metro area.
Quick facts
- Price: $39.75 million
- Property: 1800 Ashley West, 209 units
- Address: 1800 William Kennerty Dr., Charleston, SC
- Buyer: Housing Authority of the City of Charleston
- Sellers: Urban Landings and Stonemark Capital
- Broker: Northmarq’s Charlotte Multifamily Investment Sales team
Deal representation and market context
The sellers were represented by Northmarq’s Charlotte Multifamily Investment Sales team, led by Dane Lozier, Ron Corrao and Eric Liebich. According to the brokers involved, the transaction reflects strong investor demand for Charleston assets and a coordinated effort by the housing authority to expand its role in locally serving community housing needs. Broker commentary noted that both private investors and government entities see opportunities to expand housing options in the region’s heated rental market.
Property details and condition
Built in 1980, 1800 Ashley West is a garden apartment community with a mix of classic units and three tiers of renovated homes. The complex offers one‑ and two‑bedroom floor plans with elevated finishes and spacious layouts. Select units feature granite countertops, stainless steel appliances and wood plank floors, while bedrooms retain carpeting where applicable. Standard conveniences include digital thermostats, ceiling fans, walk‑in closets, washer/dryer connections and high‑speed internet access.
Amenities and location
The community offers a range of resident amenities aimed at lifestyle and family living: pickleball courts, an outdoor fitness area, a resort‑style pool with sun deck, a fire pit with hammocks, a playground, a clubhouse, a dog park and an on‑site laundry facility. Located in the heart of West Ashley, the property provides easy access to local shopping, dining and entertainment and sits roughly seven miles from downtown Charleston with nearby access to Interstate 526.
Why this deal matters
The purchase illustrates how public agencies are moving to secure existing rental stock to ensure long‑term community housing options. The transaction also highlights investor appetite for stabilized multifamily properties in strong regional markets. Brokers involved described investor interest in the West Ashley asset as robust and said the housing authority’s community mission was a primary factor behind the acquisition push.
Related regional transaction
In a separate deal in the region, Trammell Crow sold Alexan Mill District, a 290‑unit apartment community at 1001 N. Brevard St., Charlotte, to the Seminole Tribe of Florida Sovereign Wealth Fund for $82 million. That asset, built in 2024, offers studio, one‑ and two‑bedroom units with private balconies and dual‑entry porches and a long list of lifestyle amenities such as rooftop lounge, saltwater pool, speakeasy supper club and on‑site fitness and tech spaces. Northmarq’s Charlotte Multifamily team represented Trammell Crow in that sale.
About the broker and data points
Northmarq describes itself as a full‑service capital markets resource for commercial real estate investors, combining debt, equity, investment sales, loan servicing and fund management expertise. The firm cites a loan servicing portfolio of more than $78 billion and a three‑year transaction volume of $69.5 billion. More information is available at www.northmarq.com.
Practical takeaways
- Public agencies can be active buyers in competitive multifamily markets.
- Stabilized garden apartment communities remain attractive for both mission‑driven buyers and private investors.
- Well‑positioned properties near transit and retail maintain value in regional metro areas.
Location tags
Charlotte, NC; Greenville, SC; Gastonia, NC (United States)
Event and resources
Connect Apartments on September 11 will focus on affordability, innovation, market dynamics and investment opportunities in multifamily housing. Event information: www.connectapts2025.com.
Byline / profile
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran reporter with 10 years in radio and television news, followed by 10 years as a communications executive for a publicly traded development company. He is married with three boys and three Huskies.
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FAQ
What property was sold and who bought it?
1800 Ashley West, a 209‑unit garden apartment community at 1800 William Kennerty Dr., Charleston, SC, was purchased by the Housing Authority of the City of Charleston for $39.75 million.
Who sold the property and who handled the sale?
The sellers were Urban Landings and Stonemark Capital. The sale was marketed and completed by Northmarq’s Charlotte Multifamily Investment Sales team.
What types of units and amenities does 1800 Ashley West offer?
The community provides one‑ and two‑bedroom units with options such as granite countertops, stainless steel appliances and wood plank floors. Amenities include a resort‑style pool, pickleball courts, outdoor fitness area, sun deck, fire pit with hammocks, playground, clubhouse, dog park and on‑site laundry.
Why is this acquisition significant?
The purchase underscores growing collaboration between public agencies and private investors to preserve and expand workforce and community housing in high‑demand regional markets.
Where can I find more information?
Broker information and firm data are available at www.northmarq.com. Event details for Connect Apartments are at www.connectapts2025.com.
Key features at a glance
| Category | Details |
|---|---|
| Transaction | $39.75M purchase of 1800 Ashley West |
| Buyer | Housing Authority of the City of Charleston |
| Sellers | Urban Landings; Stonemark Capital |
| Broker | Northmarq Charlotte Multifamily Investment Sales team |
| Units | 209 one‑ and two‑bedroom units (mix of classic and renovated) |
| Amenities | Pool, pickleball, outdoor fitness, clubhouse, dog park, playground, fire pit, laundry |
| Location | 1800 William Kennerty Dr., West Ashley — ~7 miles from downtown Charleston; near I‑526 |
| Built | 1980 |
| Broker resources | Loan servicing portfolio > $78B; three‑year transaction volume $69.5B; www.northmarq.com |
Deeper Dive: News & Info About This Topic
Additional Resources
- Northmarq: 1800 Ashley West sale
- Wikipedia: West Ashley, Charleston
- ConnectCRE: Tribal wealth fund pays $82M for Charlotte apartment community
- Google Search: Alexan Mill District Charlotte
- MultiHousingNews: Mesirow Financial pays $84M for Charlotte community
- Google Scholar: Mesirow Financial Charlotte multifamily sale
- BusinessWire: Ginkgo Residential acquisition in Charleston MSA
- Encyclopedia Britannica: Charleston, South Carolina
- Axios: Apartment rents, construction and supply/demand in Charlotte
- Google News: Charlotte apartment rents 2025
