Argosy Real Estate Partners Acquires Site for the Development of Morrison Yard Apartments
We are pleased to announce that on January 3, 2020, Argosy Real Estate Opportunity Zone I, L.P. closed on the land acquisition for Morrison Yard Apartments (the “Project”), a ground-up development including 380 multifamily units and 23,600 square feet of ground floor retail in downtown Charleston, SC. Located in the North Morrison District (“NoMo”), a Qualified Opportunity Zone within the Peninsula submarket, the site is part of a larger mixed-use development that will also encompass a separately owned, to-be-developed 135,000-square foot Class A office building with 10,000 square feet of ground floor retail. The Peninsula submarket is Charleston’s premier retail, residential and employment destination and more specifically, the NoMo District has recently become one of the area’s highly desirable neighborhoods due to its walkability, proximity to major employers, direct access to major highways and dynamic mix of dining options.
The Project will be developed in partnership with Woodfield Development (“Woodfield”), an experienced Charleston-based multifamily and mixed-use developer focused on Class A properties in the Southeast and Mid-Atlantic. Founded in 2005, Woodfield has built 37 communities to date totaling over 11,000 units. Woodfield has been the largest developer in Charleston over the past ten years by unit count, having completed eight communities totaling 2,118 units.
Construction will be financed with a loan from Pacific Coast Capital Partners. The construction loan closed concurrently with the land acquisition for the Project.