CHARLESTON, S.C., July 17,
2024 /PRNewswire/ -- Material Capital Partners
("MCP"), a real estate development and investment management firm
based in Charleston, SC, announced
it has closed $30 million in project
financing and started construction on Indigo Cove, an 82 townhome rental community in
Bluffton, South Carolina.
Indigo Cove is located on 24
acres near the intersection of Buck Island Road and Bluffton
Parkway, 2 miles from Old Town Bluffton. The new development will
consist of 82 3-bedroom upscale townhomes designed to complement
the distinguished coastal town of Bluffton. Residents will enjoy high-end
finishes including quartz countertops, stainless steel appliances,
built-in home offices nooks, upgraded hard surface flooring and
walk-in showers in the primary bedroom suites. The community will
also feature a host of amenities including a premium bark park,
wooded nature trails, pocket parks and a clubhouse with co-working
space and fitness center.
Nestled along South Carolina's
Low Country coastline just minutes from Hilton Head Island, SC and Savannah,
GA, Bluffton offers a unique blend of history, natural beauty,
and modern amenities. With its rich cultural heritage, charming
downtown, and picturesque surroundings, Bluffton is an exceptional place to live. For
more than a decade, the demand for housing in Bluffton has far outpaced the available supply
and Indigo Cove will provide a
high-quality housing option in this thriving coastal community.
Build-for-rent communities offer the amenities and comforts of a
single-family home lifestyle with the conveniences and flexibility
associated with rental home living and professional property
management. MCP build-for-rent communities attract
renters-by-choice, including young adults, families with children,
military families and empty-nesters, who choose to rent based on
privacy, flexibility, work proximity and value premium amenities in
a professionally managed community.
Indigo Cove will be property
managed by Greystar with pre-leasing scheduled to begin in
spring 2025. If you are interested in learning more about the
community or for additional information regarding pre-leasing,
please visit the project website
www.indigocove.mcpcommunity.com.
"Bluffton offers residents a
high quality of life, great schools, and a laid-back coastal
lifestyle all just minutes from Hilton
Head and Savannah," said Alex
Chalmers, founder and managing partner of Material Capital
Partners. "Indigo Cove will provide
an upscale community where residents will enjoy premium amenities
and great proximity to Old Town Bluffton."
Project financing was provided by Bluerock, Stanton Road
Capital and MCP's institutional construction lender.
"SRC is very positive on the build-for-rent residential trends
in the Southeast and we look forward to Material Capital Partners
delivering a best-in-class community in Bluffton," said Tim
Ronan, founder and managing partner of Stanton Road
Capital.
Construction will be handled by MCP's dedicated builder
partner Winchester Commercial Group.
About Material Capital Partners
Material Capital Partners LLC ("MCP") is a vertically integrated
real estate development and investment management firm based in
Charleston, SC, focused on
purpose-built single-family rental home communities throughout the
Southeast.
Our communities of single-family rental homes combine the
welcoming feel of a desirable neighborhood with the flexibility and
ease of maintenance-free living, premium amenities and professional
property management. For more information,
visit www.materialcapitalpartners.com.
About Bluerock
Bluerock is a leading institutional alternative asset manager based
in New York with regional offices
across the U.S. Bluerock principals have a collective 100+ years of
investing experience with more than $120
billion real estate and capital markets experience and
manage multiple well-recognized real estate private and public
company platforms. Today, Bluerock has more than $18 billion in acquired and managed assets and
offers a complementary suite of public and private investment
programs, with both short and long-term goals, to individual
investors seeking solutions aimed at providing predictable income,
capital growth, and tax benefits.
About Stanton Road Capital
Stanton Road Capital, LLC ("SRC") is a private investment
management firm focused on direct commercial real estate
investments and select private equity strategies. Founded in 2013,
the principals of SRC have acquired over $7.0 billion of commercial and residential real
estate. SRC currently owns and operates a national commercial and
residential property portfolio in excess of 6 million square feet
and 2,500 residential units and is actively investing on behalf of
its institutional, family office, and private capital partners. SRC
targets opportunistic, value-add, and core-plus commercial
properties in addition to ground-up residential developments in
Texas, Salt Lake City, select major Midwest markets
and across the Southeast.
Contact:
***@materialcapitalpartners.com
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SOURCE Material Capital Partners LLC